Soon the shareholding structure of Saipem could change. According to rumors published by Sun 24 Hours, Eni – which currently controls the oil engineering company – could reduce its stake, thus leaving room for a strengthening of Cassa Depositi e Prestiti.
Nothing has been decided yet: the financial newspaper specifies that the discussions are in the initial stage. The more concrete hypothesis concerns however the issuance of a long-term convertible bond (Eni has already resorted in the past to a 1,25 billion bond convertible into Snam securities and to another which allowed the exit from the Portuguese Galp).
For now, no comments have been received from Eni and the CDP, but according to the Sun the financial structure of the two groups is the starting point for understanding to what extent the balance could change.
To date, Eni is controlled by the Treasury (4,3% directly and 25,9% through CDP, for a total shareholding of 30,3%). In turn, Eni is the largest shareholder of Saipem with 30%, while Cdp, through its subsidiary Cdp Industria, holds 12,5% of Saipem's capital.
Furthermore, in the capital of Saipem, Eni and CDP are linked by a syndicate agreement: the shareholders' agreement, tacitly renewed to 2022, had been signed in 2016, when Cdp had entered the capital of Saipem and Eni had dropped to 30,4%, a step that allowed the oil major to deconsolidate the oil service's debt. On that occasion, a shareholders' agreement was signed on 25% of Saipem which bound the 12,5% held by CDP and 12,5% of the overall 30% stake held by Eni.
For Sun, given that shareholders usually have a window starting from six months in advance to evaluate a cancellation of the agreement, a review of the weights of the two parties could trigger from June.
