Eni Sells Padana Energia to Gas Plus

Eni has signed an agreement with Gas Plus to sell its 100% stake of Padana Energia for €175m to optimise its operating efficiencies in Italy.

Padana Energia holds exploration permits and concessions for the development and production of hydrocarbons in northern Italy.

Although the transaction is valued at €175m, the sale price might be adjusted up by €25m in relation to the production of a development asset, Eni said.

Eni also said the purchase option must be exercised by Gas Plus by 30 September 2010 so that it can buy a 100% stake in Adriatica Idrocarburi, a company that holds mining licences in central Italy.