Yesterday I saw this note on FT Lex which essentially argued for the Italian energy company Eni to be split up into two separate companies in order to maximize value.  Today they are running another piece about the activist investor group Knight Vinke, who are eager to see the same thing happen – they even cite the energy security issue as one reason for Eni to be broken in half.  In the past, the lurching energy dinosaurs of Europe have fought off any attempts at unbundling from the European Commission by pointing to the conveniently threatening spectre of Gazprom, arguing that they’ve got to stay big in order to negotiate with such a monster.  The rub is that a split Eni would likely grow two-fold, so that’s not a concern.  The elephant in the room we aren’t talking about, of course, is how Eni could keep its special relationship with the Kremlin if this happens.  As it turns out, Eni and Gazprom have gotten so deep into bed that acting rationally might not always be the easiest course.