Eni: Sale Price Agreed With Amorim On Galp's 5% Is EUR14.25/Share
First Published Wednesday, 25th April 2012 12:16 am - © 2012 Dow Jones
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Italy's Eni SpA (E) said late Tuesday that the sale price agreed with Amorim Energia BV for its 5% stake in Galp Energia SGPS SA (GALP.LB) is EUR14.25 per share.
When the sale of Eni's 5% holding in Galp was announced in late March, the company didn't disclose the price, but the stake was said to cost around EUR520 million at market prices.
Eni shares closed 1.7% higher, at EUR16.32 Tuesday, while Galp shares ended 2.5% higher, at EUR10.86.
Following the sale, Eni will no longer be part of the existing shareholders' pact with Amorim and Caixa Geral de Depositos, the company said.
With this sale, Eni will cut its Galp holding to 28.34% and Amorim Energia, which is partly owned by Angola's Sonangol, will raise it to 38.34%. Meanwhile, CGD holds a 1% stake in the Portuguese energy company,
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-By Enza Tedesco, Dow Jones Newswires, email@example.com