The satellite model has proven to be the most suitable for Eni, which continues its policy of aggregations. For the Italian energy giant led by Claudio Descalzi, the circle closes around UK assets, already indicated last April on the occasion of the quarterly: that is, theaggregation of almost all of its assets exploration and production located in the country with Ithaca Energy assets. Only the assets located in the East Irish Sea and those related to the Carbon Capture and Storage (CCUS) projects managed by Eni UK Business are excluded. In light of this aggregation, Eni UK receives ordinary shares in Ithaca newly issued representing a participation equal to approximately 38,7% of the share capital of Ithaca.
The agreement, which has already received the green light from the antitrust authorities, does not support the Ithaca Energy title, which loses 1% in London, while the Eni shares in the late morning they are slightly up by 0,69% at Piazza Affari.
Il the deal is worth £754m, (approximately €900 million) based on the valuations of the two companies on April 23. Following the completion of the combination, Eni becomes “a fully committed, long-term and supportive shareholder in Ithaca, now positioned as the largest operator in the UK North Sea,” Eni said, citing research by Welligence.
The aggregation confirms theEni's commitment in the UK, where the company is engaged along theentire energy chain (from upstream activities in oil & gas to renewables, from CCS to the potential future development of projects related to magnetic fusion). By combining two complementary portfolios, the operation consolidates Eni's upstream position in the UK, a country in which the company sees opportunities to generate value through development and optimization initiatives.
Dividends expected equal to 30% of cash in 2024 and 2025
The business combination will create an aggregate group and with a production which in 2024 should exceed 100 thousand boe (barrels of oil equivalent) per day, with a potential for organic growth of up to 150 thousand boe from 2030. The distribution of dividends equal to 30% of the generation of cash post-tax for 2024 and 2025, with the ambition of reaching an annual total of 500 million. All dividends, the note from last May specified, depend on operating performance, oil and gas prices and the refinancing possibilities of the new group.
The satellite model is a winner
The transaction “once again highlights the validity of Eni’s satellite model” and is in line with previous aggregations carried out by the company in the upstream sector, including Var Energi in Norway and Azule Energy in Angola”, a note reads. The satellite model responds to the challenges and opportunities posed by energy markets by creating focused, lean and capital-attracting companies, dedicated to creating value through operational and financial synergies and through the acceleration of growth.
Eni, through Eni Natural Energies, enters the capital of Società Italiana Sementi
On a completely different front is the operation of Eni with BF, with which it has developed a partnership in the seed sector. BF, a holding company in the agro-industrial sector listed on Euronext Milan, today announced the purchase, through its subsidiary SIS Società Italiana Sementi, of the majority stake of 69,5% of the share capital of Kaiima Seeds, . Kaiima is a Brazilian company that deals with genetics, production and sales of castor seeds, which in 2023 achieved a turnover of 5,1 million euros and an Ebitda of 1,6 million euros. Based on the investment agreement signed by BF, Consorzi Agrari d'Italia and SIS with Eni Natural Energies (Ene), a company controlled by Eni, Ene has entered the share capital of SIS for a total amount of 25 million.