Italy's Eni has defended its business model against suggestions by activist shareholder Knight Vinke that it should split itself into separate upstream and downstream businesses to create more value. The Italian major on Wednesday released a letter sent by Chief Executive Paolo Scaroni to Knight Vinke Sep. 1 in which he said: "The current trend within the European energy sector goes towards consolidation of downstream and upstream assets, as proven by the recent deals of GDF Suez, E.On and Centrica.
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