Erg sees €1.6 bln cash from plant stake sale

Deals

Erg should get more than €1 billion in net cash from the sale of a stake in a plant to Russia's Lukoil, the Italian refiner's chief executive said on Thursday.

“Net cash coming from this deal is about €1.6 billion ($2.40 billion),” Alessandro Garrone told a conference call on Erg's quarterly results, which were published earlier in the day.

In June, Erg said in a statement it had agreed to sell 49% of its core Mediterranean ISAB refinery plant to Lukoil for €1.347 billion.

It aims to close the deal by year-end.

Garrone did not explain why the net cash amount from the sale would be higher than the value of the stake sale given in the June 24 statement. (Reuters)

ADVERTISEMENT

Takarékbank lowers 2021 GDP growth forecast to 6.9% Analysis

Takarékbank lowers 2021 GDP growth forecast to 6.9%

Márki-Zay tests positive for COVID-19 Elections

Márki-Zay tests positive for COVID-19

New partner announced at act Bán & Karika Attorneys at Law Appointments

New partner announced at act Bán & Karika Attorneys at Law

Most districts not planning mandatory vaccination at kinderg... City

Most districts not planning mandatory vaccination at kinderg...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.