Petrobras Confirms Studying ENI Stake in Portugal's Galp

SAO PAULO (Dow Jones Newswires), Jan. 4, 2011

Petrobras confirmed that it's evaluating buying all of Italian oil major Eni's 33.34% stake in Portuguese energy company Galp Energia.

"The company reaffirms that it is constantly analyzing investment opportunities in Brazil and abroad that are aligned with the strategies set forth in its Business Plan. Petrobras confirms that it is studying a possible business deal with ENI but up to now no conclusion was taken and there are no binding obligations between the parts," the company said in a statement Tuesday.

The company didn't unveil other details.

On Tuesday, Portugal's daily Diario Economico reported that Petrobras offered EUR3.5 billion ($4.69 billion) to buy all of Eni's stake in Galp Energia.

According to the report, which cited an unnamed person close to the talks, the amount offered by Petrobras is lower that the initial demand of Eni. Eni wants EUR4.7 billion for its stake, or EUR17 a share, the newspaper said.

Copyright (c) 2010 Dow Jones & Company, Inc.

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