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
Nov 3, 2024 11:43 AM

MILAN (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 >
Wayfair Faces Short-Term Challenges But Holds Long-Term Potential: Analysts Say
Wayfair Faces Short-Term Challenges But Holds Long-Term Potential: Analysts Say
Aug 2, 2024
Wayfair Inc ( W ). shares are trading lower on Friday. The company’s recently released second-quarter results show adjusted EPS and sales falling short of expectations amid cautious consumer spending and a challenging market. The results came amid an exciting earnings season. Here are some key analyst takeaways. RBC Capital Markets analyst Steven Shemesh reiterated the Sector Perform rating on the stock,...
Mega Matrix Shares Fall After $1.5 Million Private Placement
Mega Matrix Shares Fall After $1.5 Million Private Placement
Aug 2, 2024
01:52 PM EDT, 08/02/2024 (MT Newswires) -- Mega Matrix ( MPU ) shares were down about 7% in recent Friday trading after the company agreed to sell shares and warrants to raise about $1.5 million for working capital and general purposes. The firm said it will sell 681,818 shares, short-term series A warrants to buy up to 681,818 shares and...
US nuclear plant unfit for quick resurrection, former lead engineer says
US nuclear plant unfit for quick resurrection, former lead engineer says
Aug 2, 2024
WASHINGTON, Aug 2 (Reuters) - The first U.S. nuclear plant to ever try reopening after undergoing preparations for permanent closure is not fit to restart anytime soon because it sidestepped important safety work for years before retirement, a former official at the reactor said. Power company Entergy ( ETR ) closed the Palisades reactor in Michigan in 2022, after the...
Looking At Delta Air Lines's Recent Unusual Options Activity
Looking At Delta Air Lines's Recent Unusual Options Activity
Aug 2, 2024
Financial giants have made a conspicuous bearish move on Delta Air Lines ( DAL ). Our analysis of options history for Delta Air Lines ( DAL ) revealed 9 unusual trades. Delving into the details, we found 44% of traders were bullish, while 55% showed bearish tendencies. Out of all the trades we spotted, 7 were puts, with a value...
Copyright 2023-2026 - www.financetom.com All Rights Reserved