Eni Completes Sale of 10% Stake in Saipem
6/13/2024
(P&GJ) — Eni S.p.A. has finalized the sale of a 10% stake in Saipem S.p.A. for approximately $448 million, equivalent to Euro 1.970 per share. The transaction, completed through an accelerated bookbuilding process targeting institutional investors, is set to settle on June 14.
Following the sale, Eni now holds 21.19% of Saipem's share capital, amounting to 422,920,192 shares. Of these, 249,504,583 shares (approximately 12.50% of the total capital) are subject to a shareholders' agreement with CDP Equity S.p.A.
As part of the agreement with the Joint Bookrunners, Eni has committed not to sell additional Saipem shares on the market for 180 days, barring waiver by the Joint Bookrunners or customary exceptions aligned with market standards.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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