Group 1: Eni's Divestment Strategy - Eni's divestment of a 10% stake in Saipem is part of a broader strategy to reduce debt and focus on core operations, aiming to generate €8 billion ($8.59 billion) from asset sales by 2027 [2][7] - The transaction raised €393 million ($421.96 million) with shares sold at €1.970 each, and Eni retains a 21.19% stake in Saipem, with 12.5% covered by a shareholders' agreement with CDP [7][8] - Eni's commitment to maintaining joint control over Saipem is ensured despite the reduced stake, and the shares sold are not included in the existing agreement with CDP Equity [13] Group 2: Saipem's Transformation - Saipem has undergone significant transformation following a profit warning in 2022, including a capital increase, operational restructuring, and new management to improve performance and stability [9] - Eni's divestment supports Saipem's ongoing transformation efforts while optimizing Eni's portfolio and maintaining financial stability [3] Group 3: Market Coordination and Future Plans - The transaction involved Citigroup, Goldman Sachs International, Intesa Sanpaolo, Natixis, and UniCredit as joint global coordinators and book-runners, with Eni committing to not sell additional Saipem shares for 180 days [14] - SM Energy Company plans to expand its oil operations, focusing on crude oil in the Permian Basin and Eagle Ford regions, which could create long-term value for shareholders [4]
Eni (E) Sells 10% Stake of Saipem to Focus on Core Operations