Eni could list up to 30% of its Plenitude energy transition unit.
Energy group Eni (ENI.MI) could list up to 30% of its new retail and renewables business in what is likely to be one of Italy’s biggest initial public offerings next year.
At a presentation on Monday Eni Chief Executive Claudio Descalzi said between 20% and 30% of the unit, renamed Plenitude, could be listed depending on market conditions.
The IPO is a cornerstone of our decarbonisation strategy and key to our ongoing transformation, Descalzi said at the unveiling of Plenitude.
Sources close to the matter told Reuters earlier on Monday Eni could sell a bit more than 30% if demand was there.
Eni said last month it had decided to list a minority stake in Plenitude as part of broader plans to unlock value across its business and fund its shift away from oil and gas. Sources have previously said the unit, created earlier this year, could be worth around 10 billion euros ($11.3 billion).
Some European energy companies, including Spain’s Repsol REP.MC, are looking at selling parts of their green business to raise money to cut debt and fund their transition from fossil fuel.
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Eni could list up to 30% of its Plenitude energy transition unit, November 22, 2021