Eni SpA (ENI.MI, E) has sold a small subsidiary called Padana Energia to Gas Plus SpA (GSP.MI) for EUR175 million ($232.6 million) as part of the Italian energy giant's drive to rationalize its portfolio of assets.

Since Padana Energia holds the rights to explore, develop and produce hydrocarbons in northern Italy, the sale price might rise by up to EUR25 million in the event some of these rights are successfully executed, according to an Eni statement issued over the weekend.

"The agreement also encompasses a purchase option, to be exercised within 30 September, 2010, for Gas Plus to buy a 100% stake in Adriatica Idrocarburi, a company which holds mining licenses in central Italy," Eni said.

Eni has submitted to Italy's antitrust authority for approval, it said.

-By Gilles Castonguay, Dow Jones Newswires; +39 348 596 5667; gilles.castonguay@dowjones.com
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