Eni, the Italian oil and gas group had announced the accumulation of Eur677.6 million after the sale of 6.7% stake it owns in Galp Energia, the energy company based in Portugal. This is lines up with its strategy of divesting assets which is not under their control.
Back in early May, Eni had sold off Snam, the italian gas transportation firm for a value of Eur1.45 billion. This was the first of the long list of assets sought sold by the Italian conglomerate.
The statement detailed the sale of 55.5 million Galp shares to institutional investors in the market. The price per share was at Eur12.22, which had a discount of 1.8% from the share closing price last Thursday.
With the sale, Eni retains 16.34% in Galp but these shares are retained as assets to cover the convertible bonds that Eni sold last November 2012. The bonds have options that provides the majority shareholder of Galp, Amorim Energia the right to purchase the shares.
Join the Conversation