Eni CEO says U.S. funds confident in ‘satellite’ strategy, Reuters says

Eni (E) CEO Claudio Descalzi said that U.S. investment funds are showing confidence in the Italian energy major’s strategy of spinning off growth businesses in an effort to bring in financial resources, Reuters’ Francesca Landini reports. Under the company’s “satellite” strategy, Eni has established several companies dedicated to low-carbon businesses and upstream assets, the author says, noting that Eni is currently in discussions with KKR (KKR) to sell a minority interest in its biofuel business Enilive. “The satellite model that was initially viewed with curiosity and some doubt is bearing fruit far above expectations,” Descalzi said speaking on the sidelines of a conference in Milan.