Saipem to see FSI enter as shareholder through three-stage plan
Eni, the listed Italian petroleum group, is in talks with FSI, the strategic investment funding owned by Italian Treasury holding CdP, over the fund taking a stake in Saipem. An item in the Italian language Carlo Festa Blog cited unspecified rumours saying that Eni is putting forward a three-stage plan that would lead to FSI taking a stake in listed oil services group Saipem.
The item said that the first stage would be to refinance Saipem's debt. The second stage would be to organise a EUR 1.5bn capital increase. Creditor banks are insisting on the capital increase as part of a refinancing deal, the item said.
The report said that the third stage would see FSI take a stake via capital increase. This phase should take place at the beginning of next year, the report added.
Carlo Festa Blog