Eni launches sale of 7 pct stake in Galp Energia

MILAN, March 27 Thu Mar 27, 2014 1:23pm EDT

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MILAN, March 27 (Reuters) - Italy's Eni on Thursday launched the sale of a seven percent stake in Portuguese utility Galp Energia as the oil and gas major presses ahead with plans to offload non-core assets and raise cash.

The stake is worth around 670 million euros ($920.54 million) at current market prices, according to Reuters calculations. Following the sale, Eni will hold around 9 percent of Galp's share capital, it said. ($1 = 0.7278 Euros) (Reporting by Oleg Vukmanovic; Editing by Lisa Jucca)