ENI: legal settlement and share buybacks to resume
(CercleFinance.com) - Eni said last night that it was pleased to note that the allegations of international corruption have ceased in an investigation into some of its activities in Congo involving the company and one of its directors.
While the charges against Eni were reduced yesterday by the court in Milan, the company agreed to pay a sum of 11.8 million euros as an agreed penalty, it said.
Eni said that this agreement does not represent an admission of guilt regarding the alleged infringement, but an initiative aimed at avoiding the continuation of legal proceedings that could entail costs for it and all parties involved.
Separately, Eni announced on Friday that it will propose a resumption in its share buybacks, a resolution that will be put to vote at its AGM in May.
The 18-month authorisation would be for a maximum of 1.6 billion euros, equivalent to 7% of the ordinary shares in issue.
At the presentation of its strategic plan to 2024 last month, the Italian energy group said it would consider share buybacks of around E400 million a year once Brent crude oil had risen above $61 a barrel, which pretty much matches its current price.
Eni currently holds 33 million treasury stock, or just over 0.9% of its own capital.
The share is down about 1.5% in Milan after these announcements.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
While the charges against Eni were reduced yesterday by the court in Milan, the company agreed to pay a sum of 11.8 million euros as an agreed penalty, it said.
Eni said that this agreement does not represent an admission of guilt regarding the alleged infringement, but an initiative aimed at avoiding the continuation of legal proceedings that could entail costs for it and all parties involved.
Separately, Eni announced on Friday that it will propose a resumption in its share buybacks, a resolution that will be put to vote at its AGM in May.
The 18-month authorisation would be for a maximum of 1.6 billion euros, equivalent to 7% of the ordinary shares in issue.
At the presentation of its strategic plan to 2024 last month, the Italian energy group said it would consider share buybacks of around E400 million a year once Brent crude oil had risen above $61 a barrel, which pretty much matches its current price.
Eni currently holds 33 million treasury stock, or just over 0.9% of its own capital.
The share is down about 1.5% in Milan after these announcements.
Copyright (c) 2021 CercleFinance.com. All rights reserved.