Shares of Italian bank Unicredit are now falling sharply after this morning setting the price for a €7.5bn capital increase.
The offering has been priced at a 43% discount to the shares theoretical value excluding the rights, or 1.943 Euros per each share. Unicredit will offer two shares for every one held.
According to some analysts that is the largest discount offered to date on a capital increase by any European bank.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Shares of Unicredit were earlier suspended 'limit-down' and at 9:51AM are trading lower by 7.03%, to €5.885, after earlier on having fallen by nearly 10%.
AB
-
Saba Capital and Boaz Weinstein respond to investment trustsAs investment trust managers and industry experts accuse Saba of self-motivated opportunism, the hedge fund responds to specific "misleading claims" and sets out its stall
-
How to find top-quality companies with growing dividendsIan Mortimer, portfolio manager of Guinness Global Equity Income Fund, shares where he would put his money for sustainable and growing dividends
