Supporting cast on hook for €624m in FonSai drama
The curtain on Thursday came down on the first act of the dual €1.1bn rights issues for Italian insurers Unipol and Fondiaria-Sai with the cast of underwriters declining to feign surprise at the appearance of €624m of unsold stock. Act two, a five day auction of unexercised rights, could start as soon as next week.
Its in-line with expectations, said one syndicate banker. And weve still got the auction to go.
Investors took up between 20% and 50% of the stock offered in each of four lines. Together with pre-commitments from shareholders, that left unsubscribed shares worth 229m in Unipol ordinaries, 144.5m in Unipol
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