Eni SpA agreed to sell a stake in oil-services company Saipem SpA to Fondo Strategico Italiano SpA in an effort to get its debt off the balance sheet.
Eni, which owns 43 percent of Milan-based Saipem, sold a 12.5 percent interest to Italian state-controlled Cassa Depositi & Prestiti’s FSI investment fund, Eni said in a statement dated Oct. 27. The stake was valued at 440.9 million euros ($486.5 million) at Tuesday’s closing price.
By ridding itself of the debt, Italy’s largest oil producer would be better placed to boost its credit rating, which was cut by several banks this year. Saipem’s net borrowings has weighed heavily on Eni, its largest shareholder. Saipem’s accounts will be deconsolidated from Eni’s as part of the agreement that also includes Saipem repaying debt of 6.1 billion euros to Eni.
Brazil Energy Insight 
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