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Italian energy group Eni has agreed to sell a 12.5% stake in its engineering & construction, and drilling subsidiary business Saipem.
Eni currently owns 42.93% of Saipem, in partnership with Dodge & Cox and the People's Bank of China, who own 12.1%, and 2.035% respectively.
Saipem will sell its 12.5% stake to the shareholding company Fondo Strategico Italiano (FSI) for around €400 million.
In addition, Saipem will pay off its debt to Eni, which is said to be around €6.1 billion.
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