Eni is in the process of selling the rest of its share in Galp Energia.
The Italian giant began, through an accelerated bookbuilding procedure, the sale of 33,124,670 ordinary shares of Galp Energia, corresponding to the entire participation held by Eni and equal to approximately 4% of Galp's share capital.
The shares were underlying its exchangeable bonds under which the terms of conversion are expired.
The shares will be placed with qualified institutional investors with Goldman Sachs Intl. and Merrill Lynch Intl. acting as joint bookrunners.
Over the last few months Eni has completed the disposal on the stock exchange of approximately 4% of the share capital of Galp.
Upon completion, Eni will not hold any participation in Galp’s share capital, completing the disposal process of the initial 33.34% stake, sold through several transactions starting from 2012.
An announcement of the final terms of the offering is currently expected to be made as soon as reasonably practicable upon completion of the accelerated bookbuilding procedure.