MILAN, May 14 (Reuters) - U.S. investment company Dodge & Cox has raised its stake in Italy’s Saipem to strengthen its position as the oil service company’s No. 2 shareholder, according to filings.
The investment firm bought shares worth 9.135 mln euros between April 2-30, the filings said, the equivalent of around 0.21 percent of the company.
In early March, Dodge & Cox doubled its stake in Saipem to 10.4 percent, and then bought a further 1.48 percent in the period March 11-27.
Saipem is 43 percent controlled by oil major Eni which is looking to sell down its stake in its subsidiary.
Reporting by Stephen Jewkes