ERG ERG SpA

By Liam Moloney

ROME--ERG SpA (ERG.MI) Wednesday said it is to sell the remaining stake it holds in the ISAB refinery to Russia's OAO Lukoil Holdings (LKOH.RS) for 400 million euros ($540 million), as it focuses on its renewables activities.

The Italian energy company's board of directors approved exercising the put option to sell the remaining 20% stake in ISAB to Lukoil, ERG said in a statement.

The acquisition is expected to take place by the end of the year, it added.

After the sale, Russia's largest non-state oil producer will own all of ISAB Srl.

Write to Liam Moloney at liam.moloney@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires