The European Commission (EC) has authorized Italy’s Eni to sale 12.5% of its stake in its subsidiary Saipem to Fondo Strategico Italiano (FSI).
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Image from Saipem. |
According to the Italian giant, the antitrust condition precedent has been satisfied after the clearance of the European Commission
Eni is set to net US$507.8 million (€463 million) from the Saipem stake sale, a value of $9.204 (€8.396) per share that was first agreed upon in October 2015.
According to the contract, FSI will get nearly 55.2 million shares in Saipem, which equals to 12.5% of the share capital plus one share, an amount that will slightly be above 25%.
The agreement is for a period of three years, with automatic renewal for a further period of three years, unless terminated by notice.
Upon closing of the deal, Eni will lose exclusive control over Saipem. Its remaining stake will be deconsolidated from the date on which the sale of the transferred stake will be executed and will be registered in Eni’s financial statements according to the equity method.
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