Eni little moved, brokers do not expect shocks from Mef share placement

(Il Sole 24 Ore Radiocor) - Eni weak but unshaken on the stock market due to the possible placement of a stake by the Italian government, which holds a total of 32.4% through Mef (4.7%) and Cdp (27.7%). On the stock market, the share, which has fallen about 5% since the start of the year (in line with the Stoxx600 Oil&Gas), is essentially unchanged while it gave up 0.3% on 18 January after rumours reported by Bloomberg. The Ministry of Finance is reportedly considering selling a stake of up to 4% to raise around EUR2 billion as part of its three-year privatisation plan. At a press conference at the end of the year, Prime Minister Giorgia Meloni had confirmed her willingness to reduce some public stakes in groups in which the state can still retain control.

The placement of the package by the Mef could take placeafter the completion of the buyback programme by Eni with the subsequent cancellation of these securities: Intermonte's analysts calculate that Eni, which currently holds 4.92% in treasury shares and still has around 200 million available in the current buyback plan, should reach around 5.4% in treasury shares. The cancellation of the securities would consequently bring the public share to 34.2% (4.93% in the hands of the Mef and 29.31% in the hands of Cdp), setting the conditions for the sale of around 4%.

For Intermonte, the placement could take place in April, while for Equita Sim the timing could be tighter: The scenario "seems possible and absorbable by the stock without excessive pressure. We calculate that at the rate of the average buybacks made in the fourth quarter and up to January 12, 2024 (last announcement), it would take Eni about 15 trading days to complete the buyback plan (starting from January 15)". Also for Akros, the placement will not be a particular catalyst for the stock.