Eni confirms sale of Chemical: unions disappointed, will strike – The Republic

MILAN – confirmed the state funeral for the Italian chemical industry. Having failed to convince the leaders of the trade unions of Eni and the government not to give in Versalis in private hands. That there is no room for any negotiation it has made clear the Minister of Economic Development, Federica Guidi: “Eni is a company owned but is autonomous: the government is involved, but the current conditions are not those of the past. They are agree that chemistry remains Italian and we act because the subject (buyer, ed) is solid and reliable. “

Which translated means that the government Renzi supports the policy of divestment decided by leaders of Eni: in essence, Renzi government gave its green light for the sale of another important piece of Italian industry in foreign hands. The inevitable reaction: the unions have come out “dissatisfied” by the meeting and, as announced some leaders at the end of the work, confirmed the eight-hour strike of all workers Eni and Saipem scheduled on January 20. As the table in the ministry still remains open. The harsh comments of the Secretary General of the CGIL Susanna Camusso, who spoke of “a choice that we do not share and dangerous for the country.”

A not convince workers’ representatives is not only the fact that Versalis ends in foreign hands. Concerns have been raised even purchaser. It is an investment fund, Sk Capital, based in New York, with capital under management of one billion dollars, specializing in the fields of chemistry and health. The fund has invested in eight mid-sized companies and to the parameters of the investment funds and certainly not a giant. One of the two founders, Barry Siadat worked for 37 years in the chemical industry by sitting on the boards of several specialized companies, including one in Italy. It is Aeb, Brescia-based company specializing in biotechnology and the products of the process used for the treatment of liquid food. The acquisition took place in April last year.

But it is the size of the fund to worry about unions. According to financial sources, Eni could sell to 70 percent of the capital, a figure that may even be more than one billion. In other words, the American fund one operation should invest more than he did up to now with a dozen acqusizioni. The fear [that has to resort to heavy borrowing that could undermine future investments.

“The choice of Sk Capital – said the national secretary of the CGIL chemical Emilio Miceli – gives the idea because of the liquidation “bottom” it has not presented a strong proposal. ” The unions had asked the minister Guidi ask “a stance because he can not think that it can dissolve the chemical in Italy”. Eventually, Miceli did not hide his disappointment: “Now there is a risk that disappears a whole industrial chain.”

For its part, Eni confirmed its intention to maintain a holding “significant” in Versalis . It recalled that commitment has enabled us to bring Versalis, in heavy loss for years to record positive results starting in the first 9 months of 2015. However – continues the statement of the official Eni – the world scenario and changing business, again highlights structural limits that require the identification of a partner to ensure continuity to the investment plan.

Arguments:

Eni

Versalis

cgil

unions

chemical

Starring:

Federica Guidi

Claudio Descalzi