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Eni Reportedly To Sell EUR 1BN Ivory Coast Ops

ENERGY SECTOR

Rating: Baa1/A-[N]/A-

  • BBG sources report that Eni plans to sell a stake worth EUR 1bn in its Ivory Coast operations, possibly up to 30%, with advisors including Standard Chartered. The sale is part of Eni's strategy to raise EUR 8bn via asset disposals over the next 4-5 years.
  • FY23 net borrowings stood at EUR 11bn with the company-reported leverage ratio (net borrowings to s/h equity) at 20% against a 2024 CMD-stated expectation of 15-25% from 2024-2027, up from 15-20% at the prior CMD, increasing pressure on the negative outlook A rating at S&P.

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