Newsgroup: it.economia.borsa
Titolo: Eni mette il sigillo su GVS

Eni, EnBW to Buy 62% of Germany's GVS for EU448 Mln (Update4)
By Nicole Weimer
Karlsruhe, Germany, June 28 (Bloomberg) -- Eni SpA, Europe's fourth-largest
oil company, and a German partner agreed to buy control of a southern German
gas supplier for about 448 million euros ($442 million) to break into
Europe's biggest energy market.
Rome-based Eni and Energie Baden-Wuerttemberg AG said the acquisition of a
62.2 percent stake in Gasversorgung Sueddeutschland values the whole of GVS
at 720 million euros. They said in a statement they plan to take full
control.
European energy companies are seeking to expand into Germany's $20 billion
gas market as demand for the fuel rises, particularly from utilities. Eni
and Germany's third-biggest utility beat rivals Duke Energy Corp. and BASF
AG for GVS, which with regional suppliers serves 750 towns and cities.
``Eni hopes to use this acquisition to take advantage of future growth in
the region and as a marketing springboard into neighboring German states,''
said Gordon Gray, an analyst at J.P. Morgan & Chase & Co., in a note to
investors. Much of GVS's supplies are tied to existing long-term contracts,
he said.
GVS controls 1,881 kilometers (1,166 miles) of pipelines in southwestern
Germany and sold 74,223 gigawatt hours of gas in fiscal 2001. The company's
profit amounted to 47.2 million euros on sales of 1.7 billion euros last
year.
Italian Limits
Eni rose as much as 38 cents, or 2.4 percent, to 16 euros. The stock has
gained 13 percent this year, while a Dow Jones index of 16 European oil
companies fell 2.7 percent. EnBW, controlled by Electricite de France, was
unchanged at 34 euros.
Six municipal shareholders sold a combined 37.22 percent and the state of
Baden-Wuerttemberg divested 25 percent in GVS. Eni and EnBW signed put
option agreements for another 4.38 percent and plan to buy another 33.4
percent from Neckarwerke Stuttgart AG, which would give them 95.62 percent
in total.
Eni needs to expand its gas business outside Italy because its market share
at home is being capped by the government to foster competition. The
company, which provided about 85 percent of Italy's gas last year, is aiming
to sell 38 billion cubic meters of gas outside its domestic market in 2005.
The former state monopoly last year sold 12 billion cubic meters outside of
Italy, out of its total sales of 59 billion. By the end of this year,
including the German acquisition, Eni's foreign gas sales will rise to a
rate of 20 billion cubic meters.
GVS sells about 8 billion cubic meters a year, Eni said.
Black Sea Pipeline
``For Eni, this is an important step to expand our gas business in a market
as big as Germany,'' Eni Chief Executive Officer Vittorio Mincato said in a
German OTS newswire statement.
Elsewhere in Europe, Eni owns a third of Galpenergia SGPS SA, its
counterpart in Portugal, and agreed 10-year contracts to supply large
customers in Spain. The Italian company just finished building a pipeline
under the Black Sea that will allow it and OAO Gazprom to supply Turkey with
16 billion cubic meters a year of Russian gas.
Italy's dominant gas and oil company expects an 11 percent return on its
stake in the German regional gas company, less than its average 13 percent
return on investments, said Luciano Sgubini, chief operating officer of
Eni's gas and power division, at an analysts' presentation yesterday.

 Eni, EnBW to Buy 62% of Germany's GVS for EU448 Mln (Update4)
Ale' un altro acquisto...
Poi ti domandi perchè le banche d' affari gli segano i rating?

 Poi ti domandi perchè le banche d' affari gli segano i rating?
Mi sembri un pò strano, non so se lo hai notato ma la cosa costerà a Eni
neanche mezzo miliardo di Euro! e potrà vendere in germania 8 miliardi di
metri cubi di gas, l' Irr dell' operazione sarà dell' 11%

 Poi ti domandi perchè le banche d' affari gli segano i rating?
comunque se la hai shortata mi dispiace spero tu ti possa rifare con altre
operazioni

 comunque se la hai shortata mi dispiace spero tu ti possa rifare con altre
operazioni
No ancora, ma sicuramente o in close oggi o al massimo lunedi' in open
oggi gli edge non lavorano e' giornata di pax, solo i long lavorano.

 oggi gli edge non lavorano e' giornata di pax, solo i long lavorano.
Ma se lo hanno detto a te, alla storia del Window dressing non credere più
di tanto

 di tanto
Basta aspettare, no?

 Basta aspettare, no?
Si anche questo è vero

 Senza offesa ma si vede che tu non conosci ne Chevron ne Exxon
Li conosce bene l' indice MSCI.
Guarda il peso di Eni  e il peso delle altre due.........
Tutto il resto sono solo tue considerazioni, che se permetti valgono come il 2 di picche a briscola
quando si gioca in tre.
Quando avrai voce in capitolo per modificare i pesi del Morgan Stanley Capital Index
allora ne riparleremo.
ciao

 Index allora ne riparleremo.
invece tu sei il signor Morgan Stanley evidentemente! comunque circa il peso
di Eni stai tranquillo che alla prossima revisione del paniere verrà
aumentato, perchè gli altri petroliferi e non ivicompresi hanno fatto peggio
di Eni mentre Eni è cresciuta!
E già che ci sei comprati Chevron Texaco, dovresti essere ancora in tempo!
farai un affarone se te la compri prima che Dinegy che CHV controlla al 30%
sia fallita del tutto!