Eni, Sabic end talks on Polimeri Europa sale

MILAN (April 23)—Italy's Eni S.p.A. and Saudi Basic Industries Corp. officially terminated talks over the sale of Polimeri Europa—Eni's petrochemicals subsidiary—to the Saudi group, the companies said. The deal, which Eni had expected to tie up last month, seems to have been undermined by Sabic's decision to acquire DSM N.V.'s petrochemicals business. But in a joint statement, the firms said the talks failed partly because of issues at some of the plants involved in the proposed sale. Discussions could continue with Sabic over the sale of certain individual businesses within Polimeri Europa, an Eni spokeswoman said. Eni continues to review the position of the petrochemicals subsidiary within the group, she said. Polimeri Europa's portfolio includes emulsion styrene-butadiene, butadiene and ethylene-propylene rubbers, among other polymer and petrochemical products.