Il Tesoro sells 2,8% of Eni and almost cashes in 1,4 billion euros. Using a accelerated procedure, nearly 92 million shares were sold at a price slightly discounted (by 1,7%) compared to Wednesday's closing: the six-legged dog's shares were sold at 14,855 euros, while the stock closed at 15,11 euros. Over half of the demand was covered by American investors. This brought a nice nest egg of 1,37 billion euros into the coffers of the Ministry of Economy and Finance. But the title opens strong today fall: -2,70 to 14,70 euros per share.
Thus, another key step in the reorganization plan of public shareholdings of the Treasury was implemented, with the aim of generating a collection of 20 billion euros over the course of three years. The next ones privatizations will concern the Italian Post Office and the State Railways. Considering the proceeds obtained from the sale of the first tranches of MPS, equal to 1,6 billion euros, yesterday's placement brought the total collected by the Treasury to 3 billion euros.
The Treasury sells 2,8% of Eni but does not lose control: here's why
The moment was chosen strategically, after Eni concluded a buyback program early, paving the way for new investment opportunities (the shareholders' meeting gave the ok to the distribution of a dividend of 1 euro per share and a new buyback of 3,5 billion). Before the cancellation of the shares approved by the meeting, the Treasury held 157,5 million shares equal to 4,76% of the capital.
Although the Treasury reduced its stake in Eni shares to below 2%, the control public remains stable (above 30%) thanks to the Cassa Depositi e Prestiti (with 28,5%) to which 5,4% of own shares must be added.
This operation was handled by a investment banking team including Goldman Sachs International, Jefferies and Ubs Europe and has attracted interest both nationally and internationally. Agreements between the ministry led by Giancarlo Giorgetti and the banks of the consortium have established a period of non-sale of further shares for 90 days without the consent of the coordinators, while the final terms of the operation will be communicated at the end of the placement.
