OREANDA-NEWS. November 16, 2015. Eni S.p.A. ("Eni") announces that, following the reasoned resolution issued by CONSOB yesterday evening, the first condition precedent to the sale in favour of Fondo Strategico Italiano S.p.A. ("FSI") of no. 55,176,364 ordinary shares held by Eni, corresponding to 12.5% plus one share of Saipem S.p.A.’s share capital, as announced to the market on 28 October 2015, has been satisfied. In particular, CONSOB’s reasoned resolution above, which has been issued pursuant to art. 106, para. 6, of the Legislative Decree no. 58/1998 (the "Consolidated Financial Act"), has stated that the proposed purchase of a stake in Saipem by FSI and the execution of the shareholders’ agreement between Eni and FSI do not involve an obligation to launch a mandatory takeover bid, as the transaction falls within the specific exemption provided for by art. 106, para. 5, lett. b) of the Consolidated Financial Act, applicable to any "transfers ... among parties that are related by virtue of significant shareholding interests".