SPM Saipem Spa

  By Eric Sylvers 
 

Milan--Eni SpA (E), the Italian oil and gas company, said it had put on hold its assessment of what to do with its controlling stake in oil services subsidiary Saipem, the latest effect of the plunge in oil prices.

The move doesn't signal a shift away from Eni's increased focus on its oil and gas business that was outlined in a business plan earlier this year, the company said in a statement that cited "increasingly volatile" market conditions.

Eni said earlier this year that its 43% stake in Saipem, which has a market value of 1.64 billion euros ($2.03 billion), was no longer strategic and that several options were being considered included a sale of all or part of the holding.

-Write to Eric Sylvers at eric.sylvers@wsj.com

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