By Liam Moloney
Eni SpA (E) Chief Executive Paolo Scaroni Friday said Italy's
biggest energy company by market value is open to assessing its
options regarding its controlling stake in oil services company
Saipem SpA (SPM.MI), which is being investigated for possible
corruption in Algeria, but he ruled out buying out Saipem's
minority shareholders and added that he is in no hurry.
"We don't like what is happing concerning reputation issues with
Saipem," said Mr. Scaroni at Eni's shareholders' meeting in Rome to
approve the 2012 accounts. "We are open to consider various options
[regarding Eni's stake in Saipem], but we don't want to take rushed
decisions."
In February, Milan prosecutors placed Mr. Scaroni under
investigation as part of the Saipem inquiry. Prosecutors are
investigating whether Saipem, which is 43% owned by Eni, paid
bribes to secure billions of dollars in natural-gas contracts over
a period of years leading up to 2009. Saipem has denied wrongdoing,
as did Eni. Friday, Mr. Scaroni repeated the denial of any
wrongdoing.
"I don't think it's an option to buy out Saipem's minority
shareholders, as no rival company would use Saipem's services if it
were totally owned by Eni," said Mr. Scaroni.
Write to Liam Moloney at liam.moloney@dowjones.com
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