Saipem shares tumble after €3.5bn rights issue leaves €427m hanging
![Saipem Scarabeo 8 for web](https://assets.euromoneydigital.com/dims4/default/89effad/2147483647/strip/true/crop/230x148+0+0/resize/840x541!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F98%2F34%2Fdd559e7db543811cc428ce5a3f7e%2Fsaipem-scarabeo-8-for-web.jpg)
Saipem, the Italian oil and gas engineering group, announced late on Thursday evening an 87.8% take-up for its €3.5bn rights issue, leaving the underwriters potentially on the hook for up to €427m. In a concerning sign, the shares were suspended on Friday after falling 11%, though they have recovered to 6% down.
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