Key Developments: Enel SpA (ENEI.MI)

ENEI.MI on Milan Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Enel SpA Signs Framework Agreement for Research and Training with Politecnico di Milano
Monday, 18 Nov 2013 07:00pm EST 

Enel SpA announced that Simone Mori, Director of Regulatory, Environment and Innovation at the Enel Group, and Giovanni Azzone, Rector of the Politecnico di Milano (Milan’s polytechnic university), have signed a framework agreement for a scientific partnership working on areas of common interest linked to the energy sector. The agreement, which is due to run for two years, makes it possible to devise joint projects for national and international calls for tenders together with research activities and training initiatives involving scenario analysis, studies on environmental and social sustainability, as well as technological and other specialist studies. The macro-themes include increasing the operating flexibility and efficiency of traditional generating plants; business opportunities linked to achieving grid parity for renewable sources; distributed generation and integrating renewables into the electric system; smart grid development and energy-efficiency linked technologies targeting the creation of new services for end-users. Under the terms of the agreement a management committee will be set up, consisting of three members of Enel staff and three from the Politecnico di Milano, who will promote and coordinate the themes of common interest and scientific publications and also evaluate research projects as well as operating arrangements.  Full Article

Enel SpA Finalizes Sale of Its Stake in Russian Severenergia to NK Rosneft' OAO
Tuesday, 12 Nov 2013 07:00pm EST 

Enel SpA (Enel) announced that, through its wholly-owned subsidiary Enel Investment Holding BV, it finalized the sale of its 40% stake in Artic Russia BV, which in turn owns 49% of the share capital of SeverEnergia (the aggregated interest of Enel in the latter being equal to 19.6%), to Itera, a wholly-owned subsidiary of NK Rosneft' OAO (Rosneft). The parties announced the transaction in Sochi on September 24 where the agreement was signed by Mr. Fulvio Conti, CEO and General Manager of Enel, and Mr. Igor Sechin, President and Chairman of the Management Board of Rosneft. At closing, Enel Investment Holding received a cash consideration of USD 1.8 billion from Itera. The transaction, which has been completed upon satisfaction of the conditions precedent, is part of the disposal plan announced by Enel to the market on March 13 and enables the Enel Group to reduce its consolidated net financial debt for an amount of USD 1.8 billion.  Full Article

Enel SpA Updates on Negotiations with Gazprom neft’ OAO and Novatek OAO over Purchase of Stake in SeverEnergia-Interfax
Sunday, 29 Sep 2013 06:12am EDT 

Interfax reported that Rosneft and Enel SpA (Enel) have clinched a binding contract for the sale of SeverEnergia LLC (SeverEnergia), and talks with Novatek OAO and Gazprom neft’ OAO were fruitless, Enel chief Mr. Fulvio Conti said. Enel has a binding contract with Rosneft for buying out its stake for $1.8 billion. At the present time, Enel is in the process of asking regulatory agencies to approve the deal, and is waiting for a green light to complete the deal, Mr. Conti told the press on the sidelines of the investment forum in Sochi. Novatek OAO and Gazprom neft’ OAO both discussed buying the SeverEnergia stake with Enel but made no official proposals, while Rosneft was making a binding final offer, Mr. Conti said. On Sep 24 Rosneft announced an agreement with Enel for the acquisition of 40% in Arctic Russia B.V. conferring indirect ownership of 19.6% in SeverEnergia. Meanwhile, Novatek OAO’s co-owner Mr. Gennady Timchenko has said that Gazprom neft’ OAO and his company were also engaged in negotiations to buy Enel's SeverEnergia stake. SeverEnergia is a joint gas production venture with assets in Yamal-Nenets Autonomous Region of Russia. A 51%-stake is held by Yamal Development, a joint venture of Novatek OAO and Gazprom neft’ OAO, established on a parity basis. 49% stake is held by Arctic Russia B.V., a joint venture between Italian Eni and Enel, where the parties hold 60% and 40% respectively.  Full Article

Gazprom neft' OAO and Novatek OAO Negotiate Purchase of Enel SpA’s Stake in SeverEnergia-Interfax
Wednesday, 25 Sep 2013 02:27am EDT 

Interfax reported that Gazprom neft' OAO (Gazprom Neft) and Novatek OAO (Novatek) are engaged in talks over the purchase of the Italian energy company Enel SpA’s (Enel) stake in SeverEnergia that Rosneft is looking to buy, Novatek co-owner Mr. Gennady Timchenko told the press. Gazprom Neft chief Mr. Alexander Dyukov declined to comment on the subject of SeverEnergia. Rosneft announced that it had reached agreement with Enel to buy 40% in Arctic Russia B.V., which would mean indirect ownership of a 19.6% stake in SeverEnergia LLC. Rosneft subsidiary Itera Oil and Gas Company LLC, which consolidates the Rosneft group's gas assets, will be acquiring the stake. The deal, with a price tag of $1.8 billion, will be completed on the condition it is approved by regulatory agencies and other authorities. SeverEnergia is a joint gas production venture with assets in Yamal-Nenets Autonomous Region of Russia. A 51%-stake is held by Yamal Development, a joint venture of Novatek and Gazprom Neft, established on a parity basis. 49% stake is held by Arctic Russia B.V., a joint venture between Italian Eni and Enel, where the parties hold 60% and 40% respectively.  Full Article

Enel SpA Announces Sale Of Its Stake In Russian Severenergia To Rosneft
Tuesday, 24 Sep 2013 07:43am EDT 

Enel SpA announced that, through its wholly-owned subsidiary Enel Investment Holding BV, it reached an agreement with Itera, a wholly-owned subsidiary of the Russian oil & gas company Rosneft, for the sale of its 40% stake in Artic Russia BV, which in turn owns 49% of the share capital of SeverEnergia (the aggregated interest of Enel in the latter being equal to 19.6%). The consideration of the transaction amounts to USD 1.80 billion which will be paid in cash upon closing. The completion of the transaction is subject to the applicable antitrust clearance, other customary conditions, and waivers from other relevant entities.  Full Article

Enel SpA Issues Hybrid Financial Instruments Totaling EUR 1.7 Billion
Wednesday, 4 Sep 2013 03:04am EDT 

Enel SpA announced that it launched on September 3, 2013 a multi-tranche international issue of non-convertible bonds for institutional investors in the form of subordinated hybrid instruments with an average maturity of about 60 years, denominated in EUR and GBP in the total amount of about EUR 1.7 billion. The issue forms part of the measures to strengthen the financial structure of the Enel Group set out in the business plan presented to the financial community on March 13, 2013. The transaction is structured in the following two tranches: 1) EUR 1,250 million maturing on January 10, 2074, issued at a price of 98.956 with an annual fixed coupon of 6.50% until the first early redemption date which is due on January 10, 2019; 2) GBP 400 million maturing on September 10, 2075, issued at a price of 98.698 with an annual fixed coupon of 7.75% (subject to Euro Swap at a rate of around 7%) until the first early redemption date which is due on September 10, 2020.The offering is being led by a syndicate of banks comprising, for the EUR tranche: Banca Imi, Banco Bilbao Vizcaya Argentaria S.A., BNP Paribas, Credit Agricole-CIB Deutsche Bank, ING, J.P. Morgan, Mediobanca, Natixis, Societe Generale Corporate Investment Banking, UniCredit Bank, and, for the GBP tranche: Barclays, BNP Paribas, Deutsche Bank, HSBC, J.P. Morgan, The Royal Bank of Scotland, Santander Global Banking & Markets, UBS Investment Bank. The above tranches are expected to be listed on the Irish Stock Exchange.  Full Article

Standard & Poor’s Downgrades Enel SpA's Long-Term Rating; Affirms Short-Term Rating
Thursday, 11 Jul 2013 01:28pm EDT 

Enel SpA announced that rating agency Standard & Poor’s announced that it has revised its long-term rating for Enel SpA to BBB (from BBB+). The agency has also affirmed its short-term rating of A-2 for Enel. The outlook is stable. The downgrade follows the similar action recently adopted by Standard & Poor's on the Italian sovereign debt rating which reflects, among the others, the weaker economic and industry conditions in Italy. The stable outlook reflects the agency’s expectations that Enel will achieve and sustain economic and financial targets commensurate to the current rating level, as a result of its continued deleveraging efforts while maintaining a high contribution of operating income from lower risk regulated activities and geographic and operational diversification outside Europe.  Full Article

Enel SpA To Sell Belgium Power Plant To Gazprom OAO-DJ
Thursday, 20 Jun 2013 03:57am EDT 

Dow Jones reported that Enel SpA will sign a non-binding memorandum to sell its Marcinelle power plant in Belgium to Russia's Gazprom OAO. The deal will be worth not less than EUR200 million ($265 million).  Full Article

Enel SpA Authorizes Issue of Hybrid Financial Instruments
Tuesday, 7 May 2013 11:36am EDT 

Enel SpA announced that the Board of Directors authorized the issue by Enel SpA of one or more non-convertible bonds, in the form of hybrid subordinated instruments, up to a maximum amount of EUR 5 billion by December 31, 2014. The initiative forms part of the actions to strengthen the financial structure of the Enel Group set out in the business plan presented to the financial community on March 13, 2013. The bonds may be placed with institutional investors or with retail investors, depending on the opportunities that the market may offer.  Full Article

Repsol SA Jointly with Enel SpA and GDF Suez SA Makes Gas Discovery in Algerian Block-DJ
Monday, 8 Apr 2013 08:27pm EDT 

Dow Jones reported that Repsol SA announced that it has made a gas discovery in the Sud-Est Illizi block, in the southeast of Algeria, the second since November 2012. Repsol, which operates the block, has a 25.7% stake in the project; Enel SpA has a 13.5% stake, GDF Suez SA a 9.8%, while the remaining 51% stake is owned by Algeria's state-run Sonatrach.  Full Article

Italy set to make sweeping management changes at state firms

ROME/MILAN, April 14 - Italy is set to announce sweeping changes to top management at state-backed firms including oil group Eni and utility Enel in a test of Prime Minister Matteo Renzi's promises to tackle cronyism and promote merit.

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