By Mauro Orru

 

Eni SpA has opted to list its newly merged retail-and-renewables business next year, as it seeks to maximize the value of its lower carbon operations.

The Italian oil-and-gas major said Thursday that it has approved the launch of a process for an initial public offering, which it expects to complete next year.

"We have committed to being a leader in producing and selling completely decarbonized products and an IPO of Eni's Retail & Renewables business is an important step towards this goal," said Eni Chief Executive Claudio Descalzi.

"Retail & Renewables is an exceptional business, which combines a growing pipeline of renewable capacity with an attractive and increasing customer base, and is uniquely positioned to meet the opportunities presented by the energy transition," he added.

Eni will keep a majority stake in the listed company, which will have its own balance sheet and an investment-grade credit rating.

The company will provide updates on the listing at its capital markets day on Nov. 22.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

October 07, 2021 11:01 ET (15:01 GMT)

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