Media: government studies sale of 4 per cent of Eni, would earn 2 billion

The Italian government is reportedly planning to sell up to 4 per cent of Eni Spa, after the oil company completes its buy-back plan, due to expire in April, in order to cash in about two billion euros and reduce debt. This was reported by theBloomberg news agency, citing sources close to the matter. In one of the last conference calls, Eni's management had announced that it wanted to bring forward the closure of the purchase of treasury shares from the April 2024 deadline. No comment from the Ministry of Finance.

The Ministry of Economy and Finance owns a 4.7 per cent stake in Eni, while Cassa Depositi e Prestiti holds 27.7 per cent.

Upon completion of the second tranche of the share buyback, the government would step up and could proceed with the sale while still retaining control. The completion of the buy-back programme is set for April, but in the last conference call, management had said it wanted to bring forward the closing of the buy-back of treasury shares from the deadline as a good signal to give to the market.

Privatisations of around 1 per cent of GDP (EUR 20 billion) by 2026 to reduce Italy's huge public debt are one of the multi-year objectives of the Nadef. On 17 January at the World Economic Forum in Davos, Economy Minister Giancarlo Giorgetti explained that he had discussed the sale of some participations with foreign funds.