Exxon May Sell Austrian Subsidiary

Italy's Eni SpA has entered into talks with Exxon Mobil Corp. (NYSE: XOM) to buy the American oil giant's Austrian subsidiary, acoording to Italian newspaper Il Messaggero.

An unidentified source claimed that the two sides had been discussing terms of a deal for months and that the two sides could reach an agreement within the next two weeks.

The two sides are still trying to negotiate an agreeable price. In the event of an acquisition, the Austrian unit would probably be sold at a price between EUR150 million and EUR200 million.

If the acquisition is made, Eni would effectively double it's share of the retail market. Eni currently has 183 service stations which represent about 7% of the retail market.