Eni & Its Plastics Unit Novamont Face 32M Euro Market Abuse Fine

Italy’s competition watchdog has slapped energy giant Eni S.p.A E and its bioplastics unit, Novamont, with fines exceeding €32 million for abusing a dominant market position in the production of plastic bags, according to a Reuters report.Regulator Finds Abuse in Bioplastics MarketPer the report, the Italian Antitrust Authority announced the penalties on Tuesday following a probe into Novamont’s business conduct. The regulator found that between Jan. 1, 2018, and Dec. 31, 2023, Novamont was engaged in exclusionary practices aimed at sidelining competitors in the domestic markets for raw materials used in producing light and ultra-light bags for fruit and vegetables.While Eni received a fine of €1.7 million, Novamont — majority owned by Eni until recently —was hit with penalties totaling €30.4 million.Novamont Rejects Findings, Vows Legal ChallengeIn response to the ruling, Novamont said that it firmly disagrees with the decision and plans to challenge the findings in court. The company stated it had clearly demonstrated that its business conduct was fair and focused on safeguarding innovation, quality and value in the Italian market.Novamont added that it would assert its rights through judicial proceedings, defending its commercial strategy as one grounded in protecting product quality and environmental integrity.Backdrop of Rising ScrutinyThe ruling highlights increasing scrutiny of competition practices within Italy’s bioplastics and sustainability-driven packaging sectors. As environmental regulations tighten across Europe, companies like Novamont have found themselves at the intersection of innovation and regulatory oversight.Eni has not issued a separate comment on the decision yet.E’s Zacks Rank & Key PicksE currently carries a Zack Rank #4 (Sell).Investors interested in the energy sector may look at a few better-ranked stocks like Subsea 7 S.A. SUBCY, W&T Offshore, Inc. WTI and Oceaneering International, Inc. OII. Subsea 7 presently sports a Zacks Rank #1 (Strong Buy), while W&T Offshore and Oceaneering International carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore.The Zacks Consensus Estimate for SUBCY’s 2025 EPS is pegged at $1.31. The company has a Value Score of A.W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability, and significant untapped reserves. The company’s acquisition of six shallow-water fields in the GoA added 18.7 million barrels of proved reserves and 60.6 million barrels of proved plus probable reserves. The firm is focused on strategically allocating capital toward organic projects, which should boost its production outlook. WTI has a Value Score of B.Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. With a geographically diverse asset portfolio and a balanced revenue mix between domestic and international operations, the company effectively mitigates risk. As a leading provider of offshore equipment and technology solutions to the energy sector, OII benefits from strong relationships with top-tier customers, ensuring revenue visibility and business stability.The Zacks Consensus Estimate for OII’s 2025 EPS is pegged at $1.79. The company has a Value Score of B.Only $1 to See All Zacks' Buys and SellsWe're not kidding.Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 256 positions with double- and triple-digit gains in 2024 alone.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Eni SpA (E): Free Stock Analysis Report W&T Offshore, Inc. (WTI): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis Report Subsea 7 SA (SUBCY): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks