September 26, 2018 / 6:20 PM / 8 months ago

UPDATE 1-Eni unit Versalis buys Mossi Ghisolfi's green businesses in Italy

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MILAN, Sept 26 (Reuters) - Eni said on Wednesday its chemicals unit Versalis had bought a series of green businesses in Italy belonging to Italian plastics multinational Mossi Ghisolfi.

No financial details were given but a source familiar with the matter said the deal had cost Versalis more than 90 million euros ($105.8 million), including debt.

Eni declined to comment.

The sale took place via a bidding process ordered by an Italian court.

According to documents posted on the court’s website the starting price was 80 million euros.

“This know-how reinforces Versalis’ competitive position in the bio-based chemical industry,” Eni said in a statement.

Mossi Ghisolfi, founded by the Ghisolfi family in 1953, is famous for introducing PET, a plastic used for soft drink bottles, in Italy and across Europe.

In Italy, it owns a series of licensing technologies and biochemical processes fueled by renewable resources, especially biomass.

But after the unexpected death of former managing director Guido Ghisolfi and cost overruns in the U.S., the group ran into trouble and filed for creditor protection for its Italian units.

Italian investment house Mediobanca advised Mossi Ghisolfi on the sale.

$1 = 0.8508 euros Reporting by Stephen Jewkes; editing by Agnieszka Flak; Editing by Kirsten Donovan

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