Eni sells 10% of Saipem. The group led by Claudio Descalzi has launched a procedure accelerated bookbuilding which concerns 199.556.000 ordinary shares of the investee, at 1,97 euros per share, for a total value of 393 million euros. The sale price incorporates a discount of 4,6% compared to Saipem's closing price in the session of 11 June 2024 (2,065 euros).
Just a month ago, the Treasury sold 2,8% of the oil group's shares, raising 1,4 billion euros. This step is part of the center-right government's divestment strategy, aimed at raising funds and identifying new resources in view of the approval of the next budget law.
The shareholders' agreement with Cdp remains unchanged
According to what was reported in a note from the oil giant, the shares involved in the transaction are not bound by the shareholders' agreement with Cassa Depositi e Prestiti, which retains 25% of the capital of the energy engineering group, thus maintaining the "joint" and equal control over Saipem unchanged. Currently, the shareholding structure of the infrastructure and services company for the oil industry sees Eni with 31%, Cdp with 12,8% and Intesa Sanpaolo with 3%. Both Eni and CDP have the Ministry of Economy as their controlling shareholder. Eni will however maintain its position first shareholder with 21,19% of the capital.
This sale will be addressed to institutional investors and will be managed by a group of banks, including Citigroup, Goldman Sachs International, Intesa Sanpaolo, Natixis and UniCredit.
Eni also agreed with these banks not to sell further Saipem shares on the market for at least 180 days without their consent, unless there are common exceptions in this type of operation.
