Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

MILAN (Reuters) – Saipem does not have any information explaining Monday’s share movements, a spokesman for the Italian energy contractor said, after the stock closed down 5.7%.

More than 10% of the share capital of the group was traded on the Milan stock exchange, according to Refinitiv data.

The stock hit a low of 1.3750 euros on Monday after rising last week to 1.5560 euros, the highest level touched since last summer, when it completed a large capital increase.

The reasons behind the heavy trading activity were unclear, with sources close to the matter pointing to different possible explanations including profit taking after recent gains.

Two traders also mentioned the possibility that banks that had bought into Saipem’s capital increase at a price of 1.013 euros per share last summer decided to reduced their exposure to the group on Monday.

In July a pool of lender bought Saipem’s shares worth almost 600 million euros after a cash call fell short of the 2 billion euro target.

BNP Paribas, Citigroup, Deutsche Bank, HSBC, Intesa Sanpaolo and UniCredit were the joint global coordinators of the Saipem issue. ABN AMRO, Banca Akros, Banco BPM, Banco Santander, Barclays, BPER, Goldman Sachs International, Societe Generale and Stifel were listed as the joint bookrunners.

 

(Reporting by Francesca Landini and Giancarlo Navach, editing by Gianluca Semeraro and Gavin Jones)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts