Feb 06 - Eni Announces the Sale of Snamprogetti to Saipem

Source Press Release
Company ENI S.p.A. 
Tags Other Businesses
Date February 24, 2006

The transaction, which has been approved today by Eni's Board of Directors, is expected to close by the end of March 2006.

The Transaction will create a leading global oil service player in both offshore and onshore operations with 30,000 people, of which 6,500 are engineers, combining capital and engineering expertise with access to large-scale and highly complex projects.

It will bring together Eni's engineering and construction activities, generating revenue and cost synergies. Eni continues to consider Saipem a core activity.

The Transaction is structured as a cash acquisition and it will have no material impact on Eni's consolidated financials.

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