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Thursday May 16 2024 11:42
4 min
Italy's Treasury divested a 2.8% stake in the energy giant Eni on Wednesday, pocketing approximately €1.4 billion ($1.52 billion) to strengthen the nation's strained public finances.
The shares were sold via an accelerated book-building process (ABB) at €14.855 each, representing a 1.7% discount on Eni stock’s closing price that day, according to a statement from the Treasury.
Reuters reported that the discount applied is very limited compared with other similar deals, according to a source familiar with the matter.
This sale reduces the Treasury's direct holding in Eni to 2% from 4.8%, though the government's control remains strong with a combined stake of over 30% — including a 28.5% share held by state-owned Cassa Depositi e Prestiti (CDP).
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The deal includes a stipulation that Rome will not sell additional Eni shares on the market for 90 days without approval from the deal’s global coordinators — Goldman Sachs, Jefferies, and UBS Europe.
The possibility of the Eni stake sale was first hinted at by Economy Minister Giancarlo Giorgetti in November, confirming earlier reports by Reuters.
At the time of writing on May 16, Eni shares on the Milan stock exchange were down 2.61%, trading around the €14.72 mark. Year-to-date, Eni stock is down 4.1%.
Oil prices edged up slightly on Thursday, with the continuous contract for Brent crude on ICE Futures Europe trading at $82.98 (up 0.28%) and a similar contract for U.S. benchmark West Texas Intermediate (WTI) trading at $78.39 (up 0.29%).
Italy’s public debt, the second highest in the eurozone relative to GDP, is expected to climb to 139.8% in 2026 from 137.3% in 2023, with a slight reduction projected for 2027, as per the latest Treasury forecasts from April.
These projections include anticipated revenues from asset sales expected to near 1% of GDP by 2027.
As Italy transitions away from pandemic-induced fiscal expansion, asset sales are becoming increasingly critical. This shift comes ahead of the European Union’s planned enforcement of stricter budget regulations under the revised Stability and Growth Pact next year.
Italy’s Treasury has also liquidated a 37.5% stake in Monte dei Paschi di Siena, raising about 1.6 billion euros, and plans to sell part or all of its 29.3% direct stake in Poste Italiane, while maintaining control of the postal service provider through an additional 35% held by CDP.
When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.
Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.
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