Saipem Shares Fail to Open After Stake Placed at Discount

Reuters

MILAN, March 8 (Reuters) - Shares in Italian oil services group Saipem failed to open in early trade after sources said banks had placed around 700 million shares at a discount on Monday.

JPMorgan and Goldman Sachs, on behalf of a banking consortium, placed around 6.3 percent of Saipem capital on Monday at a price of 0.39 euros per share, people familiar with the matter said.

Saipem shares closed at 0.4258 euros on Monday.

JPMorgan and Goldman Sachs were global coordinators in Saipem's recent 3.5 billion euro rights issue.

The banking consortium which underwrote the issue was left with 12.2 percent of the overall issuance, equal to almost 1.2 billion shares.

(Reporting by Stephen Jewkes)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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