Popolare begins Eu2bn offer

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Popolare begins Eu2bn offer

Italy’s Banco Popolare launched its long-awaited Eu2bn rights issue on Wednesday evening after the company’s board signed-off on the terms. The bank will offer seven new shares for each five shares or convertible bonds held, at Eu1.77 each. That’s a 29% discount to the theoretical ex-rights price of Eu2.492.

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