Saipem attracts interest of Subsea 7
Saipem, the listed Italian oil industry services group controlled by listed petroleum giant Eni, has attracted the interest of listed Norwegian peer Subsea 7, Italian language daily Milano Finanza reported. The unsourced report claimed that Subsea 7 is interested in taking a 20% stake.
The item said that Subsea is looking to buy shares cheaply given Saipem's poor results and a series of profit warnings. The report noted that Saipem shares are trading at EUR 16 a share compared to EUR 30 a year ago.
The item noted that Eni holds a 43% stake in Saipem.
Saipem has a market cap of EUR 7.15bn.
Source Milano Finanza daily edition