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.”