Eni S.p.A. commences an Equity Buyback Plan for 7% of its issued share capital, for €1,600 million, under the authorization approved on May 12, 2021.
September 01, 2021 at 10:01 am EDT
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Eni S.p.A. (BIT:ENI) commences share repurchases on August 23, 2021, under the program mandated by the shareholders in the Annual General Meeting held on May 12, 2021. As per the mandate, the company is authorized to repurchase up to 7% of its ordinary shares excluding treasury shares for €1,600 million. The shares will be repurchased at a price which shall not be more than 10% greater or lower than the official price registered by the stock in the trading session of the Mercato Telematico Azionario, organized and operated by Borsa Italiana SpA, on the day before each individual transaction. The repurchased will be funded out of distributable profit and available reserves as reported in the most recent regularly approved financial statements. The share repurchase program is valid for 18 months from the date of approval.
On July 30, 2021, the company announced a share repurchase program. under the program the company will repurchase up to 252,000,000 shares for €4 million worth of shares. The purchase price of the shares will not deviate upwardly or downwardly by more than 5% from the official price of the day prior to each individual transaction for the Eni S.p.A. share in the Electronic Share Market organized and managed by Borsa Italiana S.p.A. (“MTA”). However, it cannot be higher than higher price between the price of the last independent transaction and the price of the highest current independent purchase offer on the MTA. and not be higher than higher price between the price of the last independent transaction and the price of the highest current independent purchase offer on the MTA. The program is aimed at recognizing shareholders an additional remuneration to complement the dividend distribution. Purchases will be initiated in the last part of August 2021 and will end at the latest in April 2022. As of July 30, 2021, the company had 33,045,197 treasury shares.
Eni S.p.A is a global energy company with high technological content, present along the entire value chain: from the exploration, development and extraction of oil and natural gas to the production of electricity from cogeneration and renewable energy sources, from traditional and bio-based refining and chemistry to the development of circular economy processes. Eni S.p.A extends its reach to end markets, selling gas, electricity and products to local markets as well as to private and professional customers, to whom it also offers energy efficiency and sustainable mobility services. Thanks to the consolidation of skills, technologies, geographical and source diversification, development alliances and innovative business and financial models, Eni S.p.A. continues to generate value, meeting the challenges of the energy trilemma.
ENI S.P.A 
