EC OKs Eni’s Stake Sale in Saipem

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Italy’s Eni has been given the green light by the European Commission to sell a stake in oilfield services player Saipem.

Namely, Eni plans to seel a stake consisting of 55,176,364 ordinary shares that correspond to 12.5% of Saipem’s share capital plus one share to Fondo Strategico Italiano (FSI).

In October last year, Eni and FSI struck a sale and purchase agreement according to which FSI will pay a price per Saipem share equal to the arithmetic average between €7.40 and €8.83 per share.

In addition, the agreement said that the capital increase needs to be settled by May 31, 2016 and the outstanding debt of Saipem to Eni repaid in full by June 30, 2016.

 

 

 

 

 

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