Home Business Eni and Intesa Sanpaolo enter the capital of BF Spa

Eni and Intesa Sanpaolo enter the capital of BF Spa

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Eni and Intesa Sanpaolo enter the capital of BF Spa, the listed holding that controls, among others, the agricultural company Bonifiche Ferraresi, the Italian seed company, the Le Stagioni d’Italia brand and IBF Servizi. The investment in the share capital of BF by Eni and Intesa will take place through a reserved capital increase, at the end of which the two companies will each hold 3.32% of the share capital of Bf.

The collaboration with Eni is not limited to the entry into the capital of Bf: the agreement just signed will also give rise to an equal equity joint-venture between ENI and BF which will have as its object agricultural research and experimentation projects of seeds for biofuels for biorefineries of the oil giant. In this transaction, Eni also purchases a minority stake in the share capital of the operating company Bonifiche Ferraresi, representing 5% of its share capital, against payment of a price of 20 million. The purchase allows BF to recognize a capital gain of approximately 6.7 million.

“Two great alliances that strengthen the strategic design and industrial positioning of the group – commented Federico Vecchioni, CEO of BF Spa – in addition to the important capital endowment, these partnerships open new markets, provide know-how and recognize the leadership of BF in the national agro-industrial sector “. The experimentation on seeds destined for biofuels will take place in Sardinia, where the agricultural firm Bonifiche Ferraresi already has an office. Other projects, on the other hand, will come to life in Africa, in particular in Ghana and Congo, where Bonifiche already collaborates alongside Eni.

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