Eni is continuing with the sale of its stake in Galp Energia. The Italian company will sell shares in the Portuguese utility, combined with an offer of bonds that can be converted into stocks as it seeks ways to monetize its minority equity holdings. On 27 November 2012, the company had completed the placement of 4% of Galp Energia shares and of €1,028m bonds exchangeable into the Portuguese company's ordinary shares.
The Equity Offering will take place concurrently with an offering by Eni of approximately €1,100m aggregate principal amount of senior unsecured bonds exchangeable into ordinary Shares of Galp Energia.
As per the shareholder agreements signed in late March 2012, Amorim Energia holds a call option which gives it the right to purchase up to 5% of the share capital of Galp from Eni. Amorim Energia also holds a right of first refusal to purchase up to 5.34% if the call option referred to above has been exercised, or up to 10.34% if the call option referred to above has not been exercised.