Eni reportedly in talks to sell Novamont stake

In Italy, multinational Eni is in talks to sell a minority stake in its Novamont bioplastics subsidiary, according to a Reuters report. A source with knowledge of the discussions believes the deal could garner $1.1 billion.

Eni bought out the 64% of Novamont it did not already own from Investitori Associati II and NB Renaissance earlier this year. Interested parties include private equity fund HitecVision and U.S. fund Blackstone.

Novamont manufactures MATER-BI bioplastics from starches, cellulose, and vegetable oils. Mater-Bi can be used in a variety of applications, including packaging, disposable tableware, and agricultural films.