The Italian Strategic Fund
(FSI) will buy 12.5% of Eni's stake in oil services company
Saipem, said FSI's controlling bank Cassa Depositi e Prestiti
(CDP) in a statement on Wednesday.
The agreed stock price must not be less than 7.40 euros or
more than 8.83 euros per share, it said.
Saipem's board of directors announced a capital increase of
3.5 billion euros as part of its new strategic plan.
The operation is scheduled to be completed during the first
semester of 2016.
ENI and FSI committed to subscribe, on a pro-rata basis,
their shares from the capital increase, with the remainder to be
subscribed by a consortium of banks.
Following the announcement, Saipem's stock price was up 12%
in early trading Wednesday, to nine euros a share.
ENI's stock remained relatively stable, up 1%.
Saipem said it predicts earnings before tax and interest
(EBIT) in 2016 of over 600 million euros, with debt decreasing
to less than 1.5 billion euros.
It predicts revenues of more than 11 billion euros in 2016.
Saipem President Paolo Andrea Colombo, in a presentation of
the company's new strategic plan to analysts in London on
Wednesday, said the sale "strengthens Saipem's independence from
ENI" and that he will chair the "new corporate governance
committee that aims to constantly monitor and improve Saipem's
corporate governance".
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