Eni Sells Remaining Stake in Portugal’s Galp Energia

Italy’s Eni completed the sale of its remaining 4% stake in Portugal’s Galp Energia for approximately € 325 million. 

Eni sold the Galp stake to “qualified” institutional investors at €9.81 a share, 2.6% below Thursday's closing share price. 

The transaction will be settled on 24 November 2015 by delivery of the shares, and payment of the consideration to Eni. As a result, from next week, Eni will not hold any participation in Galp’s share capital. 

In March, Eni announced a 17% decrease in investments over the next four years, and a simultaneous 13% CAPEX cut in the Upstream segment. The Milan-based company also committed to a €8 billion disposal programme over the same period. Meanwhile, it also reinforce its focus on E&P activities in the Mediterranean.