Italian oil and gas group Eni has put on hold the sale of Australian assets it values at around $1 billion because it deemed conditions were not right, a source close to the matter said, confirming a press report.
The source said Eni was not under pressure to sell and would restart the process only if it got offers that matched its valuation for the assets.
The Australia disposal is part of the group's plans to sell non-core assets to raise cash after the global downturn triggered by the coronavirus pandemic, and its drive to focus on cleaner fuels.
Eni and its adviser Citi had expected binding bids for the gas assets in Australia by the end of November, two sources had said.
News that the sale process had been halted was reported first by Italian daily MF on Tuesday.
(Reporting by Giulio Piovaccari; Editing by Jan Harvey)
