Eni announces that today it has sold its 100% shareholding in IP (Italiana Petroli S.p.A) to api (anonima petroli italiana S.p.A.) for 190 million euro.
San Donato Milanese (Milan), 6 September 2005 - Eni announces that today it has sold its 100% shareholding in IP (Italiana Petroli S.p.A) to api (anonima petroli italiana S.p.A.) for 190 million euro.
The sale was authorized on 25 August 2005 by the Italian Antitrust Authority.
This operation is in line with Eni's strategy to rationalise its presence in the Italian market and develop further its refining & marketing activities in Europe. With the sale of IP, the re-positioning process of Eni's fuel distribution in Italy is complete. As from today, Eni's marketing activities in Italy will be solely represented by the Agip brand, through a network of 4,300 stations – representing a 30% market share - and with sales and service quality reaching the highest levels in Europe.
At 31 December 2005, Eni’s retail distribution network in Italy consisted of 4,349 Agip branded service stations, 2,895 less than at 31 December 2004 (7,244 service stations), due to the divestment of IP (2,915 service stations).
Divestment of Italiana Petroli Following the approval of the Italian Antitrust Authority granted on 25 August 2005, on 6 September 2005 Eni divested 100% of the share capital of IP to api - anonima petroli italiana SpA for euro 190 million, subject to an adjustment for the change in IP’s net equity between 31 December 2004 and 31 August 2005. As part of the sale transaction, the parties signed: (i) a five-year fuel supply agreement under which IP will purchase from Eni given amounts of fuel each year.
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So 1,600 + 2,915 = 4,515 - slightly over 30% as of 2005
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