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May 29, 2015

Eni, trattative vendita quota Mozambico a rilento per calo petrolio

MILAN, May 29 (Reuters) – Le trattative fra Eni e i
potenziali interessati al 15% del giacimento petrolifero in
Mozambico, inclusa l’utility cinese Huadian, si stanno
trascinando a seguito delle differenze legate al prezzo, secondo
alcune fonti industriali e bancarie.

La major petrolifera italiana punta a vendere asset per 8
miliardi di euro nei prossimi cinque anni per crescere in nuovi
mercati e proteggere il dividendo.

May 29, 2015

Eni talks on Mozambique sale sticking in oil slide

MILAN (Reuters) – Talks between Eni and suitors including Chinese state utility Huadian for a stake of around 15 percent in the Italian oil major’s prized Mozambique gas field are dragging on due to differences over price, industry and banking sources said.

State-controlled Eni is looking to sell around 8 billion euros ($8.8 billion) of assets in the next five years to fund growth in new markets and help ringfence dividends.

May 27, 2015

Generali commits to boosting dividends, cash and capital

MILAN, May 27 (Reuters) – Italy’s Generali expects
to pay higher dividends over the next four years as it focuses
on increasing cash generation and bolstering capital ahead of
new tougher European rules.

Italy’s biggest insurer said in a statement on Wednesday
that it would pay cumulative dividends of more than 5 billion
euros ($5.5 billion) to the end of 2018, having paid out 930
million euros last year.

May 14, 2015

Generali posts best quarterly operating profit in 7 years

MILAN, May 14 (Reuters) – Italian insurer Generali’s
first-quarter operating profit rose 6 percent to top
forecasts as growth in its life business offset a fall in
non-life activity.

Europe’s No. 3 insurer said the figure stood at 1.326
billion euros ($1.5 billion) – its best quarterly result in
seven years and above an analyst poll of 1.28 billion euros.

May 8, 2015

Enel gets bids for Slovak utility, tables gas sale

MILAN, May 8 (Reuters) – Italy’s Enel has received
binding bids for its stake in Slovakia’s biggest power company
as it presses ahead with plans to sell 5 billion euros ($5.6
billion) of assets to cut debt and fund growth.

Enel, Europe’s second biggest utility for installed
capacity, has put the sale of its 66 percent stake in Slovenske
Elektrarne at the heart of its disposal plan, aimed at reducing
a 39.5 billion euro debt pile. But the deal has met vocal
opposition from the Slovak government.

May 4, 2015

Exor committed to $6.4 billion spurned offer for PartnerRe

MILAN/BANGALORE (Reuters) – Italy’s Exor (EXOR.MI: Quote, Profile, Research, Stock Buzz) said on Monday it remained fully committed to its $6.4 billion offer for PartnerRe (PRE.N: Quote, Profile, Research, Stock Buzz) after the Bermuda-based reinsurer rejected its attempt to trump a bid by Axis Capital Holdings (AXS.N: Quote, Profile, Research, Stock Buzz).

Exor’s decision to press ahead with its offer means PartnerRe shareholders will have to decide which deal is sweeter, and indicates it is unlikely to raise its bid for now.

May 4, 2015

Exor ‘fully committed’ to spurned offer for PartnerRe

MILAN, May 4 (Reuters) – Italy’s Exor said on
Monday it remained fully committed to its $6.4 billion offer for
PartnerRe after the Bermuda-based reinsurer rejected its
attempt to trump a rival bid by Axis Capital Holdings.

Exor’s decision to press ahead with its offer means
PartnerRe shareholders will now have to decide which deal is
sweeter, and indicates that it is unlikely to up its bid for the
time being.

Apr 29, 2015

Eni looks to higher oil output this year after Q1 profits beat forecasts

MILAN, April 29 (Reuters) – Italian oil company Eni
expects to produce more oil and gas this year as new projects
come onstream, it said on Wednesday, after higher output helped
it soften the blow of lower crude prices in its first-quarter
results.

The benchmark Brent crude oil price averaged $55 a barrel in
the quarter, down by almost half from a year ago.

Apr 29, 2015

Saipem to fight investor lawsuit claiming it overstated profits

MILAN, April 29 (Reuters) – Italian oil services company
Saipem said it would vigorously contest a 174.2
million euro ($192 million) lawsuit from a group of investors
claiming the firm overstated profits.

Deminor Recovery Services, representing 64 institutional
investors, said on Wednesday it was seeking the damages to cover
losses on share purchases caused by Saipem’s alleged failure to
correctly inform the market about revenues and costs on pending
contracts between Feb. 13, 2012 and June 14, 2013.

Apr 28, 2015

Enel asset sale plan faces rejig as Slovakia cranks up pressure

MILAN/PRAGUE (Reuters) – Enel (ENEI.MI: Quote, Profile, Research, Stock Buzz) may have to rejig its plans to sell 5 billion euros ($5.5 billion) of assets after Slovakia spooked investors by cranking up its war of words with the Italian utility over the sale of the country’s biggest power company.

    State-controlled Enel, one of Europe’s most indebted utilities, has put the sale of its 66 percent stake in Slovenske Elektrarne at the heart of a disposal plan to cut debt and fund growth. 

    • About Stephen

      "Based in Milan, I cover the Italian energy sector for the Italian team. I have followed energy in Italy for the last 10 years, previously for Bridge News, AFX and Thomson."
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