Eni sells 100% of Padana Energia to Gas Plus

The transaction is valued at €175 million, subject to a possible adjustment of up to €25 million related to the production of a development asset. Further price adjustments are foreseen in connection with the exploration potential of the transferred assets.
The sale has been submitted to the Italian Antitrust Authority for authorization. The agreement also encompasses a purchase option, to be exercised within 30 September, 2010, for Gas Plus to buy a 100% stake in Adriatica Idrocarburi, a company which holds mining licenses in central Italy.
The agreement signed is part of Eni’s initiative to rationalize its portfolio and optimize its operating efficiency in Italy.