Eni said it has sold its remaining 4% stake in Portugal’s Galp Energia in a $348million deal.
The Italian oil and gas group said it has sold the shares through an accelerated bookbuilding procedure at a price of €9.81 each.
The shares were underlying its exchangeable bonds under which the terms of conversion are expired.
The shares will now be placed with qualified institutional investors with Goldman Sachs International and Merrill Lynch International acting as Joint Bookrunners.
A spokesman said: “Following the completion of the Offering, Eni will not hold any participation in Galp’s share capital, completing the disposal process of the initial 33.34% stake, sold through several transactions starting from 2012.”
Eni said the offering will be used for general corporate purposes.
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