Who Owns Eni Company?

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Who Owns Eni S.p.A.?

Understanding Eni's ownership is key to its strategy and accountability in the energy sector. Its privatization in 1995 was a major shift, moving it from state control to public trading.

Eni, founded in 1953, has grown into a global energy player. As of July 29, 2025, its market capitalization stood at €44.95 billion, reflecting its significant presence in the industry.

Who owns Eni S.p.A.?

Eni S.p.A. operates with a hybrid ownership structure. The Italian Ministry of Economy and Finance holds a significant stake, approximately 26.73% as of December 31, 2024. This substantial government ownership influences the company's strategic direction. Beyond the state's holdings, Eni is publicly traded, with its shares widely held by institutional investors and individual shareholders globally. This public float allows for diverse investment and contributes to its market valuation, which was around €40 billion at the end of 2024. Analyzing the Eni BCG Matrix can provide further insights into its product portfolio and market positioning.

Eni S.p.A. was established in 1953 by the Italian government, initially as the National Hydrocarbons Board. Enrico Mattei, appointed chairman in March 1953, is recognized as its first CEO and a pivotal figure in its formation, guiding its early vision for Italy's energy sector.

Governmental Foundation

The Italian state held 100% ownership at Eni's inception. This structure reflected its mandate to manage national hydrocarbon resources and foster economic growth.

Enrico Mattei's Role

Enrico Mattei, as the first chairman and CEO, significantly shaped Eni's early direction. His background influenced the company's focus on energy independence for Italy.

Absorption of Agip

Eni's operations built upon the foundation of Agip, a company founded in 1926 for oilfield exploration and commercialization. Eni effectively integrated and expanded Agip's existing activities.

Early Ownership Structure

At its founding, Eni was exclusively state-owned, with no private equity or individual shareholdings. Early agreements were governed by state policy and public entity legislation.

Mattei's Vision

Mattei's strategic vision was intrinsically linked to state control. His aim was to secure Italy's energy supply and support the nation's post-war economic expansion.

State Control Mandate

The initial ownership by the Italian state underscored the company's role as a strategic national asset. This ensured alignment with governmental objectives for energy security and development.

Eni Ownership: A State-Driven Beginning

The foundational ownership of Eni S.p.A. was exclusively vested in the Italian state, reflecting a deliberate strategy to manage national energy resources. Enrico Mattei, as the first chairman, played a crucial role in establishing the company's direction, aligning its operations with Italy's economic recovery and energy independence goals. This early structure meant that decisions were driven by national policy rather than private investment interests, setting a precedent for its initial development. This history is further detailed in a Brief History of Eni.

• Eni was founded in 1953 by the Italian government.
• Enrico Mattei served as its first chairman and CEO.
• The company absorbed and expanded upon the operations of Agip.
• Initial ownership was 100% state-controlled.
• Mattei's vision focused on securing Italy's energy independence.

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Eni's journey from a state-owned enterprise to a publicly traded entity marked a significant shift in its ownership structure, initiated by a comprehensive privatization process starting in 1995. This transformation involved multiple public offerings that divested a substantial portion of the company's capital, fundamentally altering who owns Eni.

The privatization efforts, which saw approximately 63% of Eni's capital offered to the market, successfully raised over €21 billion and led to its listing on both the Borsa Italiana and the New York Stock Exchange. This transition enabled Eni to tap into global capital markets for expansion and diversification, while the enduring government stake underscores a continued alignment with national energy strategies. The broad base of institutional investors also introduces market-driven governance and a focus on enhancing shareholder value, influencing the Competitors Landscape of Eni.

Eni's Evolving Shareholder Landscape

Eni's ownership has transformed significantly, moving from full state control to a diversified structure. This evolution impacts its strategic direction and market performance.

• The Italian government remains a key stakeholder, holding over 31% of the company's shares as of July 2025.
• Institutional investors represent the largest single ownership bloc, accounting for approximately 40% of Eni's stock.
• Retail investors hold a notable portion, around 18%, indicating broad public participation.
• Eni is publicly traded on major stock exchanges, including the NYSE, making its stock accessible to a global investor base.

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As of May 2023, Eni's Board of Directors is led by Chairman Giuseppe Zafarana and CEO Claudio Descalzi. The board also includes directors Elisa Baroncini, Massimo Belcredi, Roberto Ciciani, Carolyn Adele Dittmeier, Federica Seganti, Cristina Sgubin, and Raphael Louis L. Vermeir, reflecting a blend of executive and independent oversight.

The Italian government, through the Ministry of Economy and Finance and Cassa Depositi e Prestiti (CDP S.p.A.), holds a significant stake of 31.835% in Eni's share capital as of July 25, 2025. This substantial ownership gives the Italian Ministry of Economy and Finance de facto control over the company's strategic direction. Eni's voting structure adheres to a one-share-one-vote principle for its ordinary shares, granting holders a single vote per share in shareholder meetings. However, the company currently holds 91,610,327 treasury shares, representing 2.91% of its capital as of March 13, 2025, which do not carry voting rights but are counted for quorum purposes. The government's 'golden share,' amounting to 30.5% of the company, further solidifies its influence beyond its direct shareholding, impacting major decisions and aligning with the Target Market of Eni.

Shareholder Influence and Strategic Decisions

The Italian government's substantial ownership and 'golden share' significantly influence Eni's strategic and financial decisions. Shareholder meetings play a crucial role in approving key corporate actions.

• The Shareholders' Meeting on May 14, 2025, approved the 2024 financial statements.
• A buyback program of up to €3.5 billion for 2025 was authorized.
• This program allows for the purchase of up to 315 million shares.
• These actions demonstrate the board's and major shareholders' commitment to shareholder value and financial management.

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Recent strategic transactions and ongoing capital allocation initiatives are reshaping the ownership landscape of Eni. The company has been actively divesting non-core assets and reinvesting in sustainable energy ventures, alongside implementing share buyback programs to enhance shareholder value.

Eni's strategic direction is increasingly aligned with global energy transition trends, emphasizing decarbonization across its operations. The company's 2025-2028 plan focuses on developing its 'satellite' businesses and expanding into areas like biofuels, hydrogen, and carbon capture. This approach aims to balance traditional energy provision with the growing demand for lower-emission products, positioning Eni for future market dynamics.

Strategic Divestment and Investment

The sale of assets, such as the 25% stake in Enilive for €2.9 billion and the Alaskan offshore assets for $1 billion, demonstrates a strategic reallocation of capital. These moves bolster Eni's financial flexibility and underscore its commitment to sustainable energy initiatives.

Shareholder Value Enhancement

Eni's active share buyback program, authorized for up to €3.5 billion in 2025, and the prior cancellation of treasury shares reflect a focus on increasing shareholder value. These actions signal confidence in the company's future performance and its ability to generate returns.

Energy Transition Focus

The company's strategic plan highlights significant investments in renewables, biofuels, and hydrogen. This aligns with industry-wide trends and Eni's ambition to be a leader in decarbonized products, as detailed in the Growth Strategy of Eni.

Long-Term Profitability Goals

Eni aims for its low-carbon business profits to match its oil and gas profits by 2035. This ambitious target underscores the company's commitment to a sustainable business model and its proactive approach to evolving market demands.

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