Eni has announced that it plans to sell its 33% stake in Galp in phases, with Amorim Energia agreeing to purchase 5% in the first phase.
Eni currently has the right to sell up to 18% in the open market (which could potentially increase by 2% if convertible bonds are issued). After this initial 18% sale, Eni will have the right to sell all of its remaining shares in Galp Energia with no restrictions.
Regarding future sales, Amorim Energia has secured a call option which will give them the right to purchase, or designate a third party to purchase, up to 5% of the share capital of Galp Energia.
For the remaining Eni stake of 5.34%, Amorim Energia has a right of first refusal under which it can choose to purchase, or designate a third party to purchase, up to 5.34%, if the call option referred to above has been exercised, or 10.34% if the call option referred to above has not been exercised of the share capital of Galp Energia.