Fondo Strategico Italiano S.p.A. entered into a sale and purchase agreement to acquire 12.6% stake Saipem SpA (BIT:SPM) from Eni SpA (BIT:ENI) for approximately €490 million on October 27, 2015. Fondo Strategico Italiano will acquire 55.18 million plus one share of Saipem. Pursuant to the agreement Fondo Strategico Italiano will pay a price per Saipem share equal to the arithmetic average of official prices of Saipem ordinary shares recorded in proximity of the execution date of the relevant agreements. The final amount which is yet to be disclosed will not exceed the maximum and minimum values respectively equal to €8.83 per share and to €7.40. The transaction is subject to positive outcome of the relevant antitrust proceedings among others. The Transaction has been approved by the Board of Directors of Eni. As on November 4, 2015, the proceeds from the transaction would help develop some significant oil and gas reserves discovered by the Italian group in the past years. The transaction is expected to close immediately before the commencement of the rights offering within the capital increase, subject to the occurrence, by April 30, 2016. As of January 12, 2016, the deal has been approved by the European Commission.

Michele Carpinelli, Marco Maugeri, Giorgio Cappelli, Federico Amoroso and Italo De Santis of Chiomenti Studio Legale acted as legal advisors to Saipem. Barbara Napolitano, Riccardo Salerno, Mauro Cusmai, Catia Tomasetti and Simone Ambrogi of Bonelli Erede Pappalardo Studio Legale acted as legal advisors to Eni SpA. Filippo Troisi, Giorgio Vanzanelli, Vito Auricchio, Federica Pomero, Elisabetta Grassi and Paolo Guaragnella of Legance - Avvocati Associati acted as legal advisors to Fondo Strategico Italiano S.p.A. Lazard acted as financial advisor for Saipem. Morgan Stanley provided fairness opinion to Fondo Strategico. Credit Suisse acted as financial advisor to Eni. Stefano Bucci and Andrea Dardano of Gianni Origoni Grippo Cappelli acted as legal advisor for Fondo Strategico Italiano S.p.A. Credit Suisse acted as financial advisor for Fondo Strategico Italiano.

Fondo Strategico Italiano S.p.A. completed the acquisition of 12.6% stake Saipem SpA (BIT:SPM) from Eni SpA (BIT:ENI) on January 22, 2016. The transaction closed following occurrence of all the conditions precedent under the agreement.