Dodge & Cox buys further stake in Saipem to reach 11.9 percent-Reuters

(Reuters) – U.S. investment company Dodge & Cox has bought a further stake in Italian oil services company Saipem (SPMI.MI) and holds an overall 11.9 percent, according to market regulator Consob filings on Monday.

Consob filings showed Dodge & Cox had bought shares worth 61.77 million euros ($65.01 million), equal to some 1.48 percent, in the March 11-27 period.

Earlier in March Dodge & Cox doubled its stake in the oil contractor to 10.4 percent.

Eni, which owns 43 percent of Saipem, wants to sell down its stake to get Saipem debt off its balance sheet but put the operation on hold recently due to adverse market conditions.