Italy's Eni has sold a 12.5% stake in Saipem to Fondo Strategico Italiano (FSI). Eni's CEO, Claudio Descalzi, said: "The transaction announced today marks a significant step in Eni's transformation strategy. It enables us to focus on our core activities and to enhance our financial flexibility. The additional financial resources will be used to develop the very significant oil and gas reserves we have discovered over the past few years and to strengthen our balance sheet in line with our targets. By sub- scribing in full to the rights issue, we also reaffirm our belief in Saipem's strategy potential; this transaction represents a significant step for the company that will provide it with the optimum conditions to successfully execute its new strategic plan."
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