Italian oil giant Eni SpA (E) said Monday it has reached an agreement to buy all the common shares of First Calgary Petroleums in a deal that values the fully diluted share capital of the Canadian company at about C$923 million.
In a statement sent to the Italian stock exchange, Eni said that First Calgary shareholders will receive C$3.60 per share in cash, and convertible debenture holders will receive $108,000 in cash for each $100,000 par value bond held.
Eni said it expects the transaction to be closed late in 2008.