A unit of US alternative investment manager Ares Management Corporation (<a href="https://www.nyse.com/quote/XNYS:ARES" target="_blank">NYSE:ARES</a>) has entered into exclusive talks to buy a 20% stake in Italian oil and gas major Eni SpA’s (<a href="https://www.borsaitaliana.it/borsa/azioni/scheda/IT0003132476.html?lang=en" target="_blank">BIT:ENI</a>) renewables arm Plenitude at a proposed enterprise valuation of up to about EUR 12 billion (USD 13.4bn).