Continental Focus, International Reach

ENI to Sell Saipem Stake

Wednesday, July 30, 2014

ENI plans to move forward with the sale of its stake in Saipem. The Italian firm holds a controlling stake in the oil services firm. The company’s former CEO Paolo Scaroni led the charge in disposing of the stake but it was put on hold when new management was brought in to run the ENI.

Saipem has been the object of investigations revolving around corruption in securing contracts in several African countries, including Algeria; leaving the company a bit of a liability for ENI. ENI also needs to sell assets to fund upstream investments and maintain its dividend and Saipem appears to be first on the auction block.


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