(Bloomberg) -- Eni SpA started to sell a 10% stake it owns in offshore drilling services company Saipem SpA worth about €410 million ($440 million), according to a statement. 

Italy’s oil company, partially owned by state lender Cassa Depositi e Prestiti, announced it’s selling the shares through an accelerated bookbuilding procedure. Eni currently holds approximately 31.19% of the ordinary shares of the company. 

The sale has as reference price Saipem’s closing of €2.065 per share, according to terms seen by Bloomberg News. Books are covered as demand exceeds the size of the deal, the terms show.

Eni has embarked on a reorganization to help fund its transition to gas and renewable energy. Chief Executive Officer Claudio Descalzi is pursuing a “satellite model,” which entails listing divisions or partnering with external investors to develop them.

Citigroup, Goldman Sachs International, Intesa Sanpaolo, Natixis and UniCredit are acting as joint global coordinators and joint bookrunners, Eni said. 

The shares aren’t among those covered by the existing shareholders’ agreement between Eni and CDP Equity. That means Eni won’t lose joint control of the firm, it said in the statement.


--With assistance from Greg Chang.

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