ENI and FSI: Sale and Purchase of a Stake in Saipem

Source Press Release
Company ENI S.p.A.Fondo Strategico Italiano Spa 
Tags Corporate Deals, Deals, Oil Services
Date November 03, 2015

With reference to the subscription of the sale and purchase agreement between Eni S.p.A. (“Eni”) and Fondo Strategico Italiano S.p.A. (“FSI”), the object of which is the sale, from Eni to FSI, subject to the occurrence of certain conditions precedent, of a stake in the  Saipem S.p.A. (“Saipem”) share capital, consisting of n. 55,176,364 ordinary shares, equal to 12.5% of the share capital plus one share, as announced to the market on 28 October 2015, Eni and FSI announce that the purchase price of the abovementioned stake will be EUR 463,238,681.60.

The price for each Saipem ordinary share purchased by FSI will therefore be EUR 8.3956.

The price per share is the arithmetic average of the official prices of Saipem ordinary shares recorded during the two trading days prior to, and the four trading days following, Saipem’s announcement to the market of the capital increase - which occurred on 27 October 2015 - and, therefore, during the trading days 26 and 27 October 2015, and during the trading days 28, 29 and 30 October 2015 and 2 November 2015.

The price per share falls within the range of the minimum price (EUR 7.4000) and maximum price (EUR 8.8300) established in the sale and purchase agreement.

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