OilVoice - Eni Completes the Euro 4.5 billion Sale of Italgas and Stogit

Eni Completes the Euro 4.5 billion Sale of Italgas and Stogit

01 July 2009

Following the agreements signed with Snam Rete Gas on February 12, 2009 and disclosed to the market on February 12 and 16, 2009, Eni announces that it has today completed the sale of its 100% stake in the joint stock of the companies Italgas, a leading operator in gas distribution in Italy, and Stogit, the leading operator in natural gas storage in Italy.

Snam Rete Gas paid €1,587 million for the sale of Stogit and €2,922 million for the sale of Italgas. The total of both these amounts has already been paid in cash.

These amounts take into account the definitive value of the total net financial position of the two sold companies as at December 31, 2008, the total of the dividends related to the 2008 financial year and distributed by Stogit and Italgas to Eni, as well as the accrued financial burdens, in accordance with the contracts signed on February, 12, 2009.

Review all our latest Acquisitions and Mergers news