Saipem may attract interest of Samsung – report (translated)
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Saipem, the listed Italian oil industry services group controlled by petroleum giant Eni, could attract a bid from South Korean conglomerate Samsung, Italian language daily Milano Finanza reported. The report cited unspecified rumours that Samsung divisions Samsung Heavy and Samsung Engineering were looking to expand their offshore operations and that Saipem is therefore a tempting target.
The report also cited analysts who said that from an antitrust point of view, a bid from a non-European partner would not raise issues, while offers from European groups such as listed French rival Technip, and Norwegian group Subsea7, would not be permitted.
The report added without that Eni is believed to prefer bids from financial institutions such as a sovereign wealth fund or FSI, the strategic investment fund of CdP, the holding of the Italian Treasury.
The report added that Credit Suisse is advising Saipem on the sale. Previous reports have said both Goldman Sachs and Citi are acting as advisors.
Saipem has a market cap of EUR 5.85bn.
Source Milano Finanza daily edition