Eni anticipates that investors will value Plenitude at over $11 billion

Eni's executive said that investors who are interested in buying a minority stake of its retail and renewables arm, Plenitude will value the company at more than 11 billion dollars, including debt.

Eni, under its "satellite strategy", plans to sell another minority stake in Plenitude. This comes after the Swiss fund Energy Infrastructure Partners purchased an initial stake valued at 10 billion euro.

"We received binding offers for another stake in Plenitude... Francesco Gattei said that there are five bidders, Eni's Chief transition and financial officer, on the sidelines an energy conference in Ravenna.

Gattei stated that the recent volatility in the market caused by U.S. tariffs on trade had not dampened interest in Plenitude.

Gattei stated that Eni had evaluated the preliminary bids, and would soon be moving to the next phase to discuss governance and contract details and to solicit binding bids.

He said that a premium is expected compared to the value of the first transaction. However, he did not comment on reports in the media that amounted to a valuation up 13 billion euros.

Eni sold 30 percent of its biofuels business Enilive last month to U.S.-based fund KKR.

In order to raise money for the energy transition, the Italian group has a long-term plan that involves opening its satellite operations up to investors such as investment funds and private equity firms.

Gattei stated that these satellite operations will generate around 13 billion euros in cashflow over the next four-year period. $1 = 0.9069 Euros (Reporting and Editing by Gavin Jones Alvise Armellini, David Goodall)

(source: Reuters)