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ETS at the International Fair of Maputo

ETS has participated, through its subsidiary ETS & PRO LDA, at the 51st Multi sectors and International Fair Maputo (Mozambique) – FACIM.
The event, the main economic event of international standing in the country, is a multi-sector trade fair in which forms part of the increasingly close economic and trade relations with Mozambique, the first African countries beneficiaries of the Italian Cooperation.

Eni discovers a supergiant gas field in the Egyptian offshore, the largest ever found in the Mediterranean Sea

San Donato Milanese (Milan), 30 August 2015 – Eni has made a world class supergiant gas discovery at its Zohr Prospect, in the deep waters of Egypt. The discovery well Zohr 1X NFW is located in the economic waters of Egypt’s Offshore Mediterranean, in 4,757 feet of water depth (1,450 metres), in the Shorouk Block, signed in January 2014 with the Egyptian Ministry of Petroleum and the Egyptian Natural Gas Holding Company (EGAS) following a competitive international Bid Round.
According to the well and seismic information available, the discovery could hold a potential of 30 trillion cubic feet of lean gas in place (5.5 billion barrels of oil equivalent in place) covering an area of about 100 square kilometres. Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could become one of the world’s largest natural-gas finds. This exploration success will give a major contribution in satisfying Egypt’s natural gas demand for decades.
Eni will immediately appraise the field with the aim of accelerating a fast track development of the discovery that will utilise at best the existing offshore and onshore infrastructures.
Zohr 1X NFW was drilled to a total depth of approximately 13,553 feet (4,131 metres) and hit 2,067 feet (630 metres) of hydrocarbon column in a carbonate sequence of Miocene age with excellent reservoir characteristics (400 metresplus of net pay). Zohr’s structure has also a deeper Cretaceous upside that will be targeted in the future with a dedicated well.

Schlumberger to buy Cameron, gets a better price than Halliburton-Baker Hughes Deal

At a time when the free fall of crude oil prices is driving the valuation of energy services companies to an all-time low, the market is set to witness yet another merger leading to further consolidation of the industry. Schlumberger, the world’s largest oilfield contractor, has announced its plans to acquire Cameron International, an oilfield equipment maker, in a stock and cash transaction valued at $14.8 billion. The market seemed positive about the deal, since Schlumberger’s stock fell only 3.4% on Wednesday, 26th August, when the news became public, as opposed to a 12% decline witnessed by its closest competitor Halliburton when it announced the deal with Baker Hughes in November last year. Cameron’s stock jumped over 40% within a single trading day. Schlumberger expects to close the transaction, which is likely to be accretive within the first year, by the first quarter of 2016, subject to Cameron’s shareholders’ approval and other regulatory approvals. In this article, we will discuss the deal in the light of its rationale and value accretion to the companies.

HeidelbergCement AG acquires 45% of the shares in Italcementi S.p.A

29 July 2015. Today, HeidelbergCement AG, Germany, has entered into a purchase agreement with Italmobiliare S.p.A. for its approx. 45% shareholding in Italcementi S.p.A., Italy (the “Stock Purchase Agreement”) listed on the Milan (Italy) stock exchange. The purchase price (subject to contractual purchase price reductions) amounts to € 10.60 per Italcementi share and therefore a total of around € 1.67 billion. The purchase price will be partially paid by way of issuing to Italmobiliare S.p.A. at least 7.75 million and at most 10.5 million new no-par value shares in HeidelbergCement AG (this corresponds to at least 3.96% and at most 5.29% of the new share capital) resulting from a yet to be carried out capital increase against contribution in kind.
The closing of the Stock Purchase Agreement is subject to, inter alia, approval by the competition authorities, particularly in Europe and in the USA, and is expected to take place during 2016. In the event that the Stock Purchase Agreement is consummated, HeidelbergCement AG or one of its subsidiaries will make a mandatory public cash offer under Italian law to all remaining Italcementi shareholders to acquire their shares at the price provided for by applicable law (the “Mandatory Offer”) that as of today is expected to be equal to € 10.60. In case certain adjustment mechanisms under the Stock Purchase Agreement reduce the price per share paid at the closing of the Stock Purchase Agreement, the same per share reduction will be expected to be applied to the price under the Mandatory Offer.
The acquisition will be financed through a bridge financing of € 4.4 billion provided by a bank consortium. The bridge financing is to be repaid by issuing bonds, as well as by operational cashflow and proceeds from streamlining the portfolio.