MILAN, July 12 (Reuters) – Italian energy services group Saipem shed up to 40% of its stock market value on Tuesday as its two billion euro capital raise was only subscribed. at 70%, a sign that it is struggling to regain investor confidence.
Saipem, in difficulty for several months, announced on Monday that the call to the market launched last month in an attempt to strengthen its balance sheet and finance its reorganization had enabled it to raise around 1.395 billion euros.
Its two main shareholders, the oil company Eni and the public financial group CDP, which own 44% of the capital in total, have subscribed to the operation to the extent of their respective stakes.
The banking syndicate in charge of the operation had undertaken to subscribe the balance of the capital increase if it was not fully covered.
But a trader in Milan said the amount of unexercised subscription rights was probably higher than expected by the banks, which implies a risk that they will sell some of their securities on the market as soon as possible. .
“Neither institutional investors nor individuals seem to have any real confidence in the group’s recovery,” added this speaker, who also raised the possibility of a delisting.
Marco Opipari, Bestinver analyst, believes in a note that the price of Saipem could “converge towards the subscription price”, ie 1.013 euros.
At midday, Saipem shares lost 32.94% to 2.5410 euros, after falling to 2.25 euros.
At the same time in Paris, Technip Energies, one of the main European rivals of the group, yielded 10.93% to 10.67 euros. (Report Giulio Piovaccari, French version Marc Angrand)