The Italian oil group ENI has made a 2.5 bn euro bid for its subsidiary ITALGAS that it already controls to the tune of 44%. ENI is proposing 13 euro a share, valuing Italy's foremost gas distributor at 4.5 bn euro. Furthermore, the Finnish energy group FORTUM ($295 million turnover) has sold 100% of the capital of its Norwegian subsidiary FORTUM PETROLEUM to ENI for $420 million cash.