Eni SpA rose to the highest in almost four years in Milan trading after state lender Cassa Depositi e Prestiti SpA sold a stake in Italy’s biggest energy company.
Eni gained 4.2 percent to 18.70 euros, the highest price since November 2008, giving the Rome-based company a market value of 68 billion euros ($89.4 billion).
Cassa Depositi yesterday said it sold 61.7 million Eni shares between Aug. 7 and Sept. 13 at an average price of 17.76 euros a share. The Rome-based bank now holds 27.4 percent of Eni.
Eni said it expects to complete the sale of a 30 percent stake of Snam SpA, Italy’s gas-network operator, to CDP for 3.5 billion euros by October. Yesterday’s announcement makes it probable that transaction will be concluded on schedule, said Theepan Jothilingam, an oil analyst at Nomura Holdings Inc. in London.