INTERVIEW
Milan , November 8, 2015 – 16:44
For Saipem gets a $ 3.5 billion recapitalization, the entrance to the Fund strategic and separation by Eni, which deconsolidate debt. But since an operation in the head a little ‘to the market and a little’ to the public sector will resolve the problems of two budgets (Eni and Saipem, in fact), someone overseas has mischievously called a ” very Italian operation ” .
Professor Colombo, president of Saipem, do you agree?
“What this is in the interest of all its protagonists is a positive. We have dealt exclusively the interest of Saipem, and it is with this objective that the managing director Stefano Cao and I that we proposed to the board. We started by three considerations: the company had a debt too high compared to its competitors, and financial reliability is an important requirement when trying to win construction contracts. Then we had a single lender, Eni, and then a situation of concentration not optimal. And finally, to gain access to the credit market at the best conditions we had to have an investment grade rating. ”
With the entry of more FSI members are divided on the weight of the recapitalization, which is left to the market and at the banking consortium to 57% . What reaction do you expect?
“The fact that there is a willingness on the part of primary national and international financial institutions to ensure that the capital increase is a sign of the positive assessment of the market. Banks do not issue guarantees to bear the unsold shares, do so because they are convinced that the market subscribes. The day of the announcement, then, the stock market has responded very positive. “
The ambiguity of the relationship with Eni is finally resolved?
“This is the first board of directors composed entirely of directors who have no relationship with Eni. And although the company is always great pride in being part of the group Eni and identified in the six-legged dog, now Saipem is time to walk on their own feet and take responsibility. “
How?
“From the point of view of governance and financial discipline, to begin. Separation from Eni makes it even more important that Saipem has within it all the safeguards necessary to ensure that the government company that is indeed in the most effective and respectful of the rules of the market. Increases in short, the level of accountability. From the point of view of the financial discipline we have to select the investments through a more rigorous assessment of risk and expected return. “
A company independent means also a more self-referential?
“No, the goal of a healthy governance is just the opposite: it must provide for a division of clear roles and attribution of responsibility as clear. And above all, to avoid the self, must provide checks and balances within the company enabling the introduction of the dialectic that is required to ensure that decisions are taken in the interest of all shareholders. “
On Saipem is under investigation for bribery of which are expected outcomes, even in economic terms. In addition there is damage to reputation. These elements also have weighed on the transaction?
“No, the capital increase does not arise from fears of this kind. As reputational risk are convinced that the best way to handle it is to equip ourselves with a governance even more effective. “
You did it?
“We are doing this since setting up the board, with the powers of the tasks and powers within us and with the establishment of the new committee for corporate governance, which I chair. The new board has inherited situations that did not experience firsthand. All we could do we did it: we have placed internal investigations using independent consultants, lend their full cooperation to the judiciary. We trust that justice will take its course and that it appears that the company is not responsible for the alleged offenses. “
Work and seek contracts in 65 countries, many of which are delicate in terms of international corruption. Are difficult environments …
“We have a very strict code of ethics and we ask our employees to be respected wherever we are, then zero tolerance towards corruption. And it is in our interest that the competition with competitors take place on equal terms, in accordance with the market rules, because on this basis Saipem has nothing to fear or to envy anyone. “
How do you judge the scandal Volkswagen? If even those who have a reputation for being hyper-strict fails to respect the rules …
“This episode demonstrates that corporate governance is not a matter only for scholars but is a key element in the management of ‘ enterprise, creation and especially in the defense of the value. And this concept is to enter into the culture of each company at all levels, because they are the actions of all to ensure good governance of the company. “
In this situation, the oil & amp; gas could start a new era of mergers and acquisitions. You do that?
“When there have been phases of low oil prices with strong returns on investment, as now, there has been consolidation phenomena. I can not exclude that may occur in the future. Our plan does not include extraordinary operations in addition to the disposals announced, but the decision to strengthen patrimonial will allow us, in the event, to be leaders, seizing any opportunity. “
In a few days in Paris the COP 21 then the issue of climate change begin to come out with force. What impact there might be on Saipem?
“The objective to prevent the temperature from rising more than 2 degrees limit is indispensable. It seems that around this objective is forming a growing consensus, both in the international political community – as evidenced by the recent agreement between Obama and Xi Jinping – in that the oil & amp; gas, where a few weeks ago we saw 10 majors including Eni efforts to reduce emissions. Saipem for the growing attention to climate change is also an opportunity. For example, our ability to provide infrastructure for the offshore production of oil and gas can be used to install large wind farms. In addition, the development of renewable sources – by nature intermittent and unpredictable – also support the use in the mix of electricity generation natural gas, the cleanest fossil fuel, and the best choice to ensure stability in the electrical system. Saipem has a great history in the gas sector – from the extraction, processing, transport – which saw us create the most important infrastructures in Europe and that leads us to look with interest the recent discovery activities in Egypt. ”
But Saipem is strategic for the Italian? And that means being strategic?
“We forget that Saipem is among the top 10 Italian industrial companies by revenue with approximately 12 billion realized over 90% abroad. We have 46,000 employees. Among the 7,000 Italians, 3,200 are engineers. Last year we made 1.7 billion euro of purchases from suppliers Italian and created jobs for about 28,300 people in total. I leave it to you whether everything is strategic or not. ”
8 November 2015 (amendment November 8th, 2015 | 16:44)
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