MOSCOW (MRC) -- ENI (Rome), Italy’s major energy group, announced that it could not reach an agreement with the US private equity firm SK Capital to sell a majority stake in ENI’s chemicals subsidiary Versalis (Milan) and has terminated the discussions, said Chemweek.
ENI cites certain issues, including the future governance of Versalis, that have led to the result. ENI put a majority stake in Versalis up for sale several months ago but said that a potential buyer must observe several conditions.
As MRC informed earlier, ENI earlier this year announced that it is in talks with a potential buyer of a majority stake in its Versalis chemicals business part of the Italian oil company's plans to slim down and focus on oil and gas exploration. Two trade union leaders said an Eni board meeting was expected to give the go ahead to exclusive talks with U.S. investment firm SK Capital.
ENI is an Italian multinational oil and gas company headquartered in Rome. It has operations in in 79 countries, and is currently Italy's largest industrial company with a market capitalization of EUR68 billion (USD 90 billion), as of August 14, 2013. The Italian government owns a 30.3% golden share in the company, 3.93% held through the state Treasury and 26.37% held through the Cassa depositi e prestiti. Another 39.40% of the shares are held by BNP Paribas.