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Saipem rights issue leaves banks holding €427m in shares

Discussion in 'Market News' started by Lily, Feb 12, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Trading in oil services’ firm halted after heavily discounted share issue shunned by investors

    Investment banks, led by JP Morgan and Goldman Sachs, have been left with €427m (£331m) of unwanted shares in Italian oil services company Saipem following the closure of its €3.5bn rights issue, after the largest financing of its type so far this year ran into trouble.

    Shares in the group continued their vertiginous decline on Friday and trading had to be halted on the Milan bourse, after disclosure late last night that more than 12% of the heavily discounted share issue had been shunned by the group’s disgruntled investors.

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