Italian giant Eni released a statement regarding its stake in Saipem saying it’s no longer in line with Eni’s strategy.
Eni says that its new organizational structure introduced last July involved a greater focus on the oil & gas business and the shareholding in Saipem has been identified as no longer in line with the strategic objectives of the Group.
Following this decision, Eni says they’ve started an assessment of a range of options for its stake in Saipem with the support of a financial advisor. Recently, market conditions have become increasingly volatile. This has led Eni to put on hold this assessment whilst still confirming the above strategy.