Eni sells more Galp shares

Eni share sale: Italian major further slims down its position in Galp

Italian major Eni has sold off more of its position in Galp for €107 million ($145.5 million), this time unloading 1% of the Portuguese explorer's share capital.

The sale, which divested the remainder of shares subject to right of first refusal of Amorim Energy, was carried out in transactions from 5 May to 18 June and concluded on Monday.

The deal leaves Eni with 66.3 million shares or an 8% position.

Eni in March sold 58 million shares, representing 7% of the share capital in Galp, for €702.4 million.

The Italian company has for some time remained keen to slim down its position.

In March 2012 Eni struck a multi-step deal to reduce its then-33.34% stake with Amorim Energia and Caixa Geral de Depositos.

But Amorim passed on the chance to buy more shares in Eni's latest sales push.

Eni weathered a difficult year in 2013, posting a 33% drop in profits.

Full-year production also fell by 4.8% as the company was hit by significant force majeure problems in Libya and Nigeria and technical problems and planned downtime in the Gulf of Mexico and the North Sea.

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