Last July Eni introduced a new organisational structure with even greater focus on the oil and gas business. In this context, the shareholding in Saipem has been identified as no longer in line with the strategic objectives of the group.
Following this decision, Eni had started an assessment of a range of options for its stake in Saipem with the support of a financial advisor. Recently, market conditions have become increasingly volatile. This has led Eni to put on hold this assessment whilst still confirming the above strategy.
Adapted from press release by Joe Green
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