The investment fund Knight Vinke, a shareholder of Eni, asks the company to clarify relations with Saipem, dropping below 20% or acquiring the shares of minority shareholders. The request was made during the energy company's budget meeting in Rome.
“It would be enough to bring Eni's stake in Saipem to at least 20% in order to allow the deconsolidation. Or Eni could acquire the shares of Saipem's minority shareholders, in order to take full management control and assume operational responsibility. However, one of the two decisions should be taken immediately, without wasting any more time". These are the words of the shareholder representative, explaining that the request arises due to the unique governance that binds the two companies.
The Knight Vinke Fund also calls for greater clarity in relations with the Italian Treasury: “Eni is now a listed company. It is no longer a state-owned company. It is one of the largest oil companies in the world. It looks back on an enviable success story and has outstanding future prospects. Due to these characteristics, it is able to attract institutional investments everywhere. Its shareholders already consist largely of international investment funds. As ours. It would therefore be normal for Eni to cease, once and for all, to be seen by the market and by public opinion as a parastatal company. Eni's value would be much higher if the company were able to operate with a governance that is not subject to political interference or governmental choices”.
