Media Report: Eni Stake to Go on Sale

Italian state-owned Cassa Depositi e Prestiti (CDP) may be seeking to sell a stake in oil and gas company Eni, an Italian newspaper has reported.

Il Sore-24 Ore, a daily newspaper, reported that CDP is seeking to sell its 3.4 per cent stake in Eni, estimated to be worth around €2 billion, in order to finance its purchase of a stake in Italian gas grid and distribution network Snam.

CDP agreed to purchase Eni's stake in Snam earlier this year, with the sale completed at the end of May. As part of the sale, CDP will pay out €3.517 billion to Eni for the Snam stake, with the amount to be paid in three tranches over the course of one year. In return, CDP will take a 30 per cent stake in Snam less one share.

Il Sore-24 Ore reports that three financial institution will handle the sale of the sake: JP Morgan, Mediobanca and UniCredit. The sale would be likely to take place this month, the paper said.