All eyes on Monday after Uni-Sai auctions complete
The auctions of unsold rights to €800m-worth of stock in the twin €1.1bn Unipol and Fondiaria-Sai rights issues were completed on Thursday, a day ahead of schedule. Now, the underwriters will be hoping that whoever bought the rights — at a nominal cost — will have the incentive to exercise them on Monday.
The prices of all four lines of ordinary and preferred shares were above their strike prices on Thursday, but in some cases only by a whisker.
The vagaries of the Italian rights issue auction system means that the success of a 2.2bn deal to create one of largest insurance
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