Sector News

Italian Treasury divests 2.8% stake in Eni for €1.4bn

May 17, 2024
Energy & Chemical Value Chain

 

Italy’s Treasury has sold a 2.8% stake in oil and gas company Eni, raising approximately €1.4bn.

The shares were sold for €14.855 apiece, which represents a discount of 1.7% from the closing price on 15 May 2024.

A person with knowledge of the situation told Reuters that the discount offered is very little when compared with other divestures.

The sale, which was conducted through an accelerated bookbuilding procedure, is set to lower the Treasury’s holding in Eni to 2% from 4.8%.

Despite this reduction, the Italian Government will own a third of Eni, with a combined stake of more than 30% held between the Treasury and state lender Cassa Depositi e Prestiti, which owns another 28.5% stake.

Goldman Sachs International, Jefferies and UBS Europe were appointed as joint global coordinators for the share placement.

Source: offshore-technology.com

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