Saipem's shareholders' meeting has just given theok to the increase from 3,5 billion euros. The decision was approved by a large majority and received 61,41% of assents compared to the 61,49% of the capital represented (0,02% abstained, the remaining 0,34% voted against). It is used to repay a 6,55 billion mega-debt (93% contracted with Eni), which will rise to 6,9 billion at the end of the year.
Eni controls 42,92% of the capital, pending the planned sale of 12,5% to the Strategic Fund (Cdp), while Dodge & Cox maintains 12,22% and the Chinese central bank 2,03%. In the ordinary session, the shareholders' meeting also appointed Giulia De Martino standing auditor and Maria Francesca Talamonti alternate auditor. In the meantime, the hearing in the Court of Milan on the alleged maxi-corruption of Saipem in Algeria got underway this morning.
In the last years the Saipem's financial structure "was increasingly unbalanced due to debt", to the point that "today the ratio between equity and debt capital represents a constraint for society". The said it president Paolo Andrea Colombo, at the start of the work of the extraordinary meeting. Colombo also recalled that a large part of the debt contracted is with the parent company Eni. With the result that, as of last September 30, "93% of the total debt was contracted at intra-group level, with Eni and Eni Finance International Sa".
The debt, explained the manager, “is represented by 2,831 billion euros of short-term lines (to be paid by 30 September 2016) and 3,719 billion of medium-term lines (maturity on 30 June 2020).
