financetom
Business
financetom
/
Business
/
Italy's Eni sees 2.5-billion-euro net proceeds from disposals in 2025
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Italy's Eni sees 2.5-billion-euro net proceeds from disposals in 2025
Oct 26, 2024 6:00 AM

MILAN, Oct 25 (Reuters) - Italian energy group Eni

expects 2.5 billion euros ($2.7 billion) in net

proceeds from additional disposals that will be completed next

year, Chief Transition & Financial Officer Francesco Gattei said

on Friday.

The group announced on Thursday that U.S. investment group

KKR would buy 25% of its biofuel unit Enilive for 2.9

billion euros as part of Eni's strategy to spin off new

businesses with high growth potential to fund its efforts to cut

its greenhouse gas emissions.

"We will have a cash-in of 3.6 billion euros this year and

we expect additional disposals next year, with a cash-in of

around 2.5 billion euros," Gattei said during a conference call.

He said Eni could sell a second stake in Enilive, adding the

size would likely be less than 10%.

Sources told Reuters last month that U.S. funds Stonepeak

and Apollo were in talks with Eni over the potential sale of a

second stake in Enilive.

Eni is also in contact with potential buyers of a stake in

its carbon capture and storage business.

"We are currently talking with five, six investors

interested in taking a stake in our CCS business," Gattei said.

He added Eni may sell a second stake in retail and renewable

unit Plenitude and one in bio-plastic company Novamont,

confirming what sources had told Reuters.

Apollo and Norway's private equity fund HitecVision are

among the suitors for the second stake in Plenitude after Swiss

asset manager Energy Infrastructure Partners bought 7.6% in the

unit in March, sources have said.

Eni was also in negotiations to find a partner for

developing a recent upstream discovery, Gattei said, without

elaborating.

Shares in Eni closed up 1.4% on Friday after the group said

it would increase its share buyback programme to 2 billion euros

following better-than-expected third-quarter results.

($1 = 0.9231 euros)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2026 - www.financetom.com All Rights Reserved