Eni announces Milan listing for its energy transition unit

The logo of Italian oil and gas group Eni is seen on the facade of its headquarters in Rome, Italy, December 23, 2017. REUTERS/Alessandro Bianchi/File Photo

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MILAN, June 9 (Reuters) – Italy’s Eni (ENI.MI) plans to list its retail and renewables business named Plenitude on the Milan stock exchange to raise more resources for the group’s move towards cleaner energy, the group said on Thursday.

Eni, which owns 100% of Plenitude, did not specify the amount of shares it would sell but added it would retain a majority stake in the unit after the initial public offering (IPO).

“Partially selling the business will unlock significant value and accelerate its growth, helping Eni cut the Scope 3 emissions currently generated by our customers, a key step to achieving our net zero target,” said Eni Chief Executive Claudio Descalzi in a statement.

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The IPO is planned for some time in the coming weeks, Eni said.

In November, Descalzi had said that Eni was mulling the listing of up to 30% of Plenitude, depending on market conditions.

Since then financial markets have been hit by increased volatility following Russia’s invasion of Ukraine in February.

The IPO is consistent with Eni’s strategic approach of creating dedicated entities with tailored business models focused on their customers with independent access to the capital markets.

Eni and Norway’s HitecVision earlier announced they had sold a 5% stake in recently floated Norwegian oil firm Vaar Energi (VAR.OL) worth $530 million. read more

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Reporting by Francesca Landini, editing by Federico Maccioni and Keith Weir

Our Standards: The Thomson Reuters Trust Principles.

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