Eni Puts Assessment of Saipem Stake on Hold
11 Décembre 2014 - 6:37PM
Dow Jones News
By Eric Sylvers
Milan--Eni SpA (E), the Italian oil and gas company, said it had
put on hold its assessment of what to do with its controlling stake
in oil services subsidiary Saipem, the latest effect of the plunge
in oil prices.
The move doesn't signal a shift away from Eni's increased focus
on its oil and gas business that was outlined in a business plan
earlier this year, the company said in a statement that cited
"increasingly volatile" market conditions.
Eni said earlier this year that its 43% stake in Saipem, which
has a market value of 1.64 billion euros ($2.03 billion), was no
longer strategic and that several options were being considered
included a sale of all or part of the holding.
-Write to Eric Sylvers at eric.sylvers@wsj.com
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