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With the year not two months old, seven leading equity capital markets banks have got saddled with what is understood to be at least €50m each of Saipem shares, after the rump of its rights issue failed to sell. -
Banca Popolare di Vicenza came a step closer to launching its listing and capital increase this week, as it announced the date of a shareholder meeting to approve the deal.
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Chinese aluminium manufacturer China Hongqiao Group has wrapped up its HK$3.8bn ($487.8m) rights issue, with shareholders signing up for roughly 80% of the offering.
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Hong Kong property developer Lai Sun Development has closed a HK$924.3m ($119m) one-for-two rights offering that was just short of 70% subscribed.
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By the second day of Saipem’s auction of its unsold rights, all of them had been sold to investors — but with the share price still 3.3% below the subscription price at Thursday's close, the underwriters may yet have to buy up to €427m of stock.
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Saipem's share price rose 13.7% on Monday morning, bringing some relief to bookrunners on the firm’s rights issue, which are facing up to€427m of exposure to its shares. By the end of the day, however, the stock was up just 1.4%.
