Government of Italy Rumored To Sell 2.17% Stake In Eni To Cassa Depositi

Published: Nov 06 2017
Deal Summary

Government of Italy, through the Treasury, intends to sell a 2.17% stake in Eni S.p.A., an integrated oil and gas company, to Cassa Depositi e Prestiti SpA (CDP), an investment bank, according to sources familiar with the matter said. The transaction is estimated to be valued at €1,000 million (MM) (US$1,161.76 MM).

The Italian Treasury holds 4.34% stake, while CDP already holds 25.76% stake in Eni. The Government of Italy intends to use the proceeds from the sale to repay debt.

The source said in a statement, "The idea is to get as much as possible as soon as possible, to cut the public debt causing the least possible political impact."

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