MILAN – U.S. investment funds are showing confidence in Eni’s (NYSE: E) strategy of spinning off growth businesses to attract financial resources, the Italian energy group’s CEO Claudio Descalzi said on Friday.
Under its so-called ‘satellite’ strategy, Eni has created several companies dedicated to low-carbon businesses and upstream assets and is currently in talks with U.S. fund KKR (NYSE: KKR) to sell a minority stake in its biofuel unit Enilive.
“The satellite model that was initially viewed with curiosity and some doubt is bearing fruit far above expectations,” Descalzi said speaking on the sidelines of a conference in Milan.
(Source: Reuters)
Kevin Putnam is a financial journalist and editor based in New York. He specializes in editing news and analysis related to U.S. stock market.
