Eni due €463 million for Saipem stake

Eni SPA reports that the price of its agreed sale of a 12.5%-plus-one-share interest in Saipem SPA to Fondo Strategico Italiano SPA (FSI) will be €463,238,681.60.

In conjunction with the sale, the agreement for which was disclosed Oct. 27, Saipem will launch a rights offering and restructure its debt. The sales price, reported Nov. 4, depended on the average price of Saipem’s ordinary shares during a stipulated period before and after announcement of the firm’s capital increase.

Saipem was a wholly owned subsidiary of Eni until 1984. The sale to FSI will reduce Eni’s stake in the construction and drilling contractor to about 30% and deconsolidate it from the former parent’s finances.

Eni said a reason for the sale is its intention to focus on upstream oil and gas operations.

FSI acquires mainly minority interests in companies it identifies as having “significant national interest.”

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