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Still in Saipem

Italy ends up on wrong side of oil punt

Neil Unmack 

Neil Unmack There may have been many good reasons for the Italian government to invest in oil services company Saipem last November. Here's one: it employs 7,600 Italians. Another was to help Eni, the state oil company which had been saddled with indebted and scandal-ridden Saipem, to deconsolidate the group from its accounts. Eni sold a 12.5 per cent stake to Fondo Strategico Italiano, a wealth fund controlled by state bank Cassa Depositi e Prestiti, which was recently revamped by Prime Minister Matteo Renzi. Its mandate is to support Italian business. FSI also committed to shoulder its share of ...

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First Published: Mon, February 08 2016. 21:31 IST