The free fall of Saipem in Piazza Affari has so far caused the Fondo Strategico Italiano (controlled by the CDP) to make a theoretical loss of 373 million euros on the package of shares just acquired by Eni.
In detail, the purchase of 12,5% of Saipem by FSI took place at 8,3965 euros per share for a total of 463,2 million while today that same stake is worth 90,3 million.
Since the announcement of the capital increase - which took place in London on 27 October - the capitalization of Saipem has decreased from 3,53 billion to 722 million: 2,8 billion burned on the Stock Exchange against a recapitalization of 3,5 billion euros, in any case guaranteed by Eni, Fsi and by the placement consortium.
Yesterday, despite the rebound in crude oil, Saipem's combined price-rights lost another 40%. Since the beginning of the increase, the deficit is now close to 70%. The closing was at €1,637, compared with a stock which, only in mid-2014, was worth €20 and in September 2012 had reached a maximum of €40.
For its part, Eni, despite having deconsolidated the substantial debt of the plant engineering company, sees its stake in the subsidiary, now reduced to 30,5%, returning to the historic book values (equal to 0,96 euro per share, according to the budget 2014).
