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Eni aggress to sell TGP stake after business negotiations

The company will sell 89 per cent of its shares in TGP to CDP for €675 million.

10 June 2011

International business negotiations have resulted in Italian energy company Eni agreeing to sell a large part of its stake in Trans Gasleitung Austria (TGP).

Some 89 per cent of its existing shares will now transfer to CDP for €675 million (£600 million).

The money will be split into two payments - one of €483 million, while the other will be a €192 million reimbursement of a shareholder loan.

An array of negotiation techniques may have been used by the two companies as they looked to come to an agreement about the final financial settlement.

"This operation is part of the commitments taken by Eni in response to the European Antitrust Commission ruling on September 29th 2010 and it is subject to its approval," the organisation observed.

CDP is a joint-stock company, with the Italian government holding 70 per cent of it, while the other 30 per cent belongs to a group of bank foundations.

Posted by David Gleck
 

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