Eni 'not considering Saipem spinoff proposal'

Not on the cards: Eni chairman says Saipem spinoff idea not under consdieration

Italy’s Eni is not considering a plan put forward by an investor to spin off its oil services unit Saipem, chairman Giuseppe Recchi said.

US activist investor Knight Vinke has sent a letter to Eni asking for an immediate separation of the oilfield services unit, Reuters said, citing Italian newspaper reports.

When asked if Eni was considering the request by Knight Vinke, which owns about 1% of Eni, Recchi replied: "No, not in any particular way."

He declined to comment meanwhile on separate reports that Eni is about to sell a 20% stake in a Mozambique gas project to China National Petroleum Corp (CNPC).

Eni, the operator of Area 4 with a 70% stake, has said it is looking to bring in partners to help fund…

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