Eni sells 12.5% stake in Saipem to Fondo Strategico Italiano

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The FINANCIAL — Eni S.p.A. executed a sale and purchase agreement, pursuant to which it will sell a stake in Saipem S.p.A. consisting of n. 55,176,364 ordinary shares, representing approximately 12.5% plus one share of the Company share capital to Fondo Strategico Italiano S.p.A.. At the same time, Eni and FSI have entered into a shareholders’ agreement which will take effect on the date of transfer of the Transferred Stake and will define the term of engagement governing the relations between parties as shareholders of Saipem.

Furthermore, following a review of the proposed increase in share capital, Eni received approval of the capital increase by the Board of Directors of Saipem (the “Capital Increase”), reaffirmed its full support to the Company business plan and committed to subscribing pro-rata to the new share issue, as described hereinafter, according to Eni.

Finally, earlier today, Eni acknowledged the interest and intention of Saipem to achieve financial independence and entered into an agreement with Saipem aimed at stipulating, among other things, the full repayment of the debt of Saipem Group’s vis-à-vis the Eni Group (the “Acknowledgment Agreement”).

Eni’s CEO, Claudio Descalzi, said: “The transaction announced today marks a significant step in Eni’s transformation strategy. It enables us to focus on our core activities and to enhance our financial flexibility. The additional financial resources will be used to develop the very significant oil and gas reserves we have discovered over the past few years and to strengthen our balance sheet in line with our targets. By subscribing in full to the rights issue, we also reaffirm our belief in Saipem’s strategy potential; this transaction represents a significant step for the company that will provide it with the optimum conditions to successfully execute its new strategic plan”.


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