Eni (E) expects investors eyeing a minority stake in its renewables and retail arm, Plenitude, to value the business at over 10 billion euro ($11 billion) including debt, Reuters reported Wednesday, citing a company executive.
As part of its "satellite strategy," the Italian oil and gas major is preparing to sell a second minority stake in Plenitude after Swiss fund Energy Infrastructure Partners bought an initial stake based on a 10 billion euro valuation, Reuters said.
The company has received five preliminary offers for a stake in Plenitude and is moving toward binding bids, with investor interest persisting despite market volatility, Francesco Gattei, Eni's chief transition and financial officer, told Reuters on the sidelines of an energy conference in Ravenna, Italy.
Eni didn't immediately respond to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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