01:16 PM EDT, 04/15/2024 (MT Newswires) -- Eni (E) is looking to sell stakes of up to 10% in its biofuel unit Enilive and up to 30% in bioplastic business Novamont by the end of 2024, Reuters reported Monday, citing unnamed sources.

The Italian energy group started initial talks with funds and industrial investors for the Enilive stake and is holding separate discussions with two suitors for the Novamont stake, the report said.

The stakes may fetch a combined 1.3 billion euros ($1.38 billion), the report said.

Eni didn't immediately respond to a request for comment from MT Newswires.

Shares of Eni fell 0.6% in recent Monday trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)