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Eni Raises $880 Million Selling Stake in Portugal’s Galp Energia

Eni SpA, Italy’s largest oil company, raised 678 million euros ($880 million) selling a 6.7 percent stake in Portuguese explorer Galp Energia SGPS.

The deal, which leaves Eni with a 16 percent stake in Galp, further bolsters the Rome-based company’s finances after the $1.9 billion sale of a stake in pipeline operator Snam SpA earlier this month.

Eni sold 55.45 million shares at 12.22 euros each in a sale managed by Goldman Sachs Group Inc. and Mediobanca SpA, the company said in a statement today. The price was at the upper end of the range of 12.02 euros to 12.22 euros set out in offer documents, a person with knowledge of the sale said, asking not to be identified because the details are confidential.

Chief Executive Officer Paolo Scaroni is selling Eni’s stake in Galp as he cuts the company’s minority holdings. Amorim Energia BV, a holding company controlled by Portuguese investor Americo Amorim, bought a 5 percent stake in Galp from Eni in July and has the option to buy a further stake.

Eni’s current shareholdings in Galp include 8.34 percent subject to certain rights exercizable by Amorim Energia, and 8 percent underlying about 1.03 million euros of three-year bonds exchangeable into Galp shares, the company said.

-- Editors: Will Kennedy, Alex Devine

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