Eni Sells Padana Energia Unit To Gas Plus For EUR175 Million
August 08 2010 - 6:21PM
Dow Jones News
Eni SpA (ENI.MI, E) has sold a small subsidiary called Padana
Energia to Gas Plus SpA (GSP.MI) for EUR175 million ($232.6
million) as part of the Italian energy giant's drive to rationalize
its portfolio of assets.
Since Padana Energia holds the rights to explore, develop and
produce hydrocarbons in northern Italy, the sale price might rise
by up to EUR25 million in the event some of these rights are
successfully executed, according to an Eni statement issued over
the weekend.
"The agreement also encompasses a purchase option, to be
exercised within 30 September, 2010, for Gas Plus to buy a 100%
stake in Adriatica Idrocarburi, a company which holds mining
licenses in central Italy," Eni said.
Eni has submitted to Italy's antitrust authority for approval,
it said.
-By Gilles Castonguay, Dow Jones Newswires; +39 348 596 5667;
gilles.castonguay@dowjones.com
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