Eni suspends review of Saipem stake on market volatility

12/12/2014

Eni suspends review of Saipem stake on market volatility

MILAN, Italy -- Increasingly volatile market conditions have led Italy’s Eni to put its assessment of the company’s stake in Saipem on hold.

Last July, Eni introduced a new organizational structure with even greater focus on the oil and gas business. 

In this context, Eni’s shareholding in Saipem was identified as no longer being in line with the strategic objectives of the Group.

Following this decision, Eni started an assessment of a range of options for its stake in Saipem with the support of a financial advisor.

However, the recent increase in market volatility has led Eni to suspend this assessment whilst still confirming the strategy, the company said in a statement on Dec. 11.

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