Italian energy major Eni S.p.A. (BIT:ENI) is studying the sale of a 20% stake in its Enilive biorefining unit after receiving expressions of interest from potential suitors, according to people familiar with the matter. The company is working with advisers and values the entire business at about ?10 billion ($10.8 billion), said the people, who asked not to be named as they aren?t authorized to discuss the matter publicly. Talks over the scale of the sale are at an early stage and the company is still assessing options for the unit, the people said.

Investment firms including BlackRock, Brookfield, IFM Investors and Macquarie are interested in the asset, daily Corriere della Sera reported on May 23, 2024, without saying where it got the information. A representative for Eni declined to comment. 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. The new strategy began with the sale of a minority stake in the Plenitude green unit to Energy Infrastructure Partners AG in 2023.

The company is also targeting splitting off its carbon capture unit and its Novamont biochemical subsidiary by 2027.