Eni is ready to start immediately with the buy-back plan authorized by the shareholders' meeting but the implementation times will take years. The managing director of the group, Paolo Scaroni, explained it today on the sidelines of an event at the Enrico Mattei Foundation.
“Of course, we can start right away: we are authorised”. But, she added, “to give you a feel, the previous 10% took us 9 years. It's not like it takes 9 months, it takes a long time. Then, the government will decide what it believes about everything that belongs to it. I don't opine on these things."
“Eni – recalled Scaroni – had a buy-back plan like the one it did 8-9 years ago, up to 10% of the capital, approved at the meeting, and therefore also by the Treasury. We have told our shareholders that we will buy back our shares if the oil price is high, if we respect the financial parameters, if our results are good. We won't say how many shares we buy or when we buy them and we go about this way."
