Erg sees €1.6 bln cash from plant stake sale
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.
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)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.