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Lisbon, 29 March 2012 - Eni S.p.A. ("Eni") signed agreements today with Amorim Energia B.V. ("Amorim Energia") and Caixa Geral de Depósitos, S.A. ("CGD"), according to which it will sell 5% of Galp Energia SGPS, S.A. ("Galp Energia") to Amorim Energia and, following the sale, will cease to be bound by the shareholders agreement currently in place between the three companies.
Amorim Energia has agreed to purchase the 5% stake in Galp Energia within 150 days.
Additionally, as part of today's agreements Eni has the right to sell up to 18%, which could potentially increase by 2% if convertible bonds are issued, of the share capital of Galp Energia in the market. CGD has a tag along right in relation to its shareholding of 1% of the share capital of Galp Energia in connection with the sales carried out by Eni.
After the sale of the previously mentioned 18% Eni will also have the right to sell its remaining shares in Galp Energia. In the case of such further sale, Amorim Energia has a call option which gives it the right to purchase, or designate a third party to purchase, up to 5% of the share capital of Galp Energia.
With regards to the sale of the remaining 5.34%, Amorim Energia has a right of first refusal under which it can choose to purchase, or designate a third party to purchase, up to 5.34%, if the call option referred to above has been exercised, or 10.34% if the call option referred to above has not been exercised of the share capital of Galp Energia.
Eni CEO Paolo Scaroni commenting on the agreement said: "I'm very pleased with today's agreement as it enables us to maximise the value of our holding in Galp with more flexibility. It has been a successful investment for Eni to date and remains a business with attractive exposure to high growth markets. Our focus however is on managing assets as an operator where we believe we can create value for our shareholders".
Galp Energia is Portugal's oil and gas integrated operator. Eni and Amorim Energia hold respectively a 33.34% stake in the company, CGD has a 1% stake.
Freephone for shareholders (from Italy): 800940924
Freephone for shareholders (from abroad): + 80011223456
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EnergIA (ener'dʒia) is a system based on Generative Artificial Intelligence.
Thanks to this technology, we can respond to your requests by querying the most relevant content and documents available on eni.com. (Note: financial documents from the last 12 months and press releases from the last 2 years are considered.)
Through EnergIA, you can delve into topics of interest and have a real-time window into the world of Eni.
If you wish to search for a specific document, press release or news, use the traditional search engine via the magnifying glass icon.
Like all systems that leverage Generative Artificial Intelligence, EnergIA may generate inaccurate or outdated responses. Always consult the sources that EnergIA proposes as the origin of the generated information.
If the system fails to find an exact match for the requested content, it still tends to provide a response.
If you find any inaccuracies in the provided response, please send us your feedback at the bottom of the page: it will be very helpful for us to improve.
Remember that the content generated by the system does not represent Eni’s official position. We therefore invite stakeholders to refer to their designated contacts for official statements: Press Office for journalists, Investor Relations for analysts and investors, Company Secretariat for shareholders etc..
EnergIA can understand questions posed in almost all languages, but we prefer to provide you with a response in English or Italian, the two languages available on eni.com. If you ask a question in Italian, the content on the site in Italian will be consulted. If you ask it in English or any other language, the content in English will be consulted. (Note: the language Eni uses for financial documents/content is predominantly English.)
If questions are formulated that violate the set security criteria, the system will not proceed with processing the response. Please remember not to send personal data.
By using this service, the users acknowledge that they have read and accepted the terms and conditions of use.
A new window into Eni’s world, at your disposal. EnergIA is an innovative tool based on artificial intelligence capabilities, which can help you navigate the contents of eni.com, quickly finding answers to your questions.