Shares in Saipem fell sharply on Tuesday after banks underwriting the oil industry service group's 3.5 billion-euro ($3.9 billion) rights issue cleared most of the unsold shares on their books at a discount to the current market price.
Trading in oil services’ firm halted after investors shun heavily discounted share issue
Investment banks, led by JP Morgan and Goldman Sachs, have been left with €427m (£331m) of unwanted shares in Italian oil services company Saipem...
A plunge in oil prices and little sign of recovery anytime soon have left Italian oil contractor Saipem ill-prepared to cope with life independent from former parent Eni, even after a 3.5 billion euro ($4 billion) fundraising.
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