Eni launches sale of 6.7 percent stake in Galp

MILAN Thu May 30, 2013 1:29pm EDT

The logo of oil company Eni is pictured at its San Donato Milanese headquarters near Milan February 5, 2013. REUTERS/Stefano Rellandini

The logo of oil company Eni is pictured at its San Donato Milanese headquarters near Milan February 5, 2013.

Credit: Reuters/Stefano Rellandini

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MILAN (Reuters) - Italian oil and gas group Eni (ENI.MI) plans to sell a stake in Galp Energia (GALP.LS) worth around 690 million euros ($900.76 million) at market prices, as it presses ahead with plans to exit the Portuguese energy company.

In a statement on Thursday, Eni said it would sell the stake of around 6.7 percent in Galp through an accelerated bookbuilding procedure. At the end of the sale, Eni will own around 16.3 percent of the company.

The world's seventh-largest oil company by production is selling non-core assets to focus on more profitable exploration and production activities.

It has said on several occasions it does not want to remain invested in listed companies that it does not control.

Last year, Eni Chief Executive Paolo Scaroni said he expected the sale of the group's then 33.34 percent holding in Galp to fetch around 3.5 billion euros compared with the 900 million euros it originally paid.

Earlier in May, Eni sold an 11.7 percent stake in Italian gas transport group Snam (SRG.MI) for 1.45 billion euros.

Goldman Sachs and Mediobanca will be joint bookrunners in the placement of the Galp shares, which should be sold on Friday, Eni said. ($1 = 0.7660 euros)

(Reporting By Stephen Jewkes; editing by Jennifer Clark and Tom Pfeiffer)

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