ENI, the Italian oil conglomerate, is in the process of divesting its shareholdings over its gas transportation company Snam last Thursday. It had recently sold off a Eur1.45 billion or US$1.9 billion stake, making for one of the largest equity sales transactions of the year.
The company is selling off its non-core assets to be able to focus on retaining or even surpassing its current standing of being the world's seventh largest oil company in continuing its business of exploration and oil production.
Last May 2012, CEO Paolo Scaroni said he intends to completely exit from Snam. With the sale of 11.69% shareholdings, ENI would retain 8.54% ownership over the transport firm.
The sale was the fourth largest accelerated bookbuilding deal in 2013. According to one of the bookrunners UniCredit, through its deputy head of CIB at UniCredit, "Around 88% of demand came from outside Italy, 70% from the US and UK investors. It's the biggest ABB in Italy since 2005 and the demand diversification shows there's a return of appetite for Italian assets."
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