Italy: ENI Spa Supports Libya 10%Stake
|
|
|
|
Monday, 15 December 2008 |
|
Libya's interest in taking a stake of up to 10 percent in Eni SpA
could support the Italian oil company's expansion, while boosting the
shares in the short term according to energy analysts.
Italian newspapers quoted Libya's ambassador to Italy, Hafed Gaddur,
as saying Libya could take up to 10 percent in Eni. His comments came
after Italy and the Libyan Energy Fund said that Libya had
expressed interest in buying a stake in Eni.
The move would make it the largest shareholder in the company after the
Italian state, which has a 30 percent stake. The treasury owns
20.3 percent of Eni and state holding company Cassa Depositi e Prestiti
(CDP) 10 percent. The announcement of a possible Libyan investment is a
result of an agreement between the two countries signed in August.
The timing for any Eni share purchases by Libya is unclear, though a
second Milan dealer said "buying a 5 or 6 percent stake would take some
months" given the 60 billion euro market capitalisation of Eni.
Russia, whose officials held talks with Eni last week, according to
media reports, is not seen taking an Eni stake because the government
could decide a second state holding a stake would make Eni a takeover
target, brokers said.
Eni Chief Executive Paolo Scaroni called a potential Libyan stake
a 'positive action'. 'By definition I like all shareholders, I'm
affectionate toward those who buy Eni shares,' he said. Shares in Eni
were up 0.67 percent at €18.13.
PetrolWorld 141208
|
