Not just MPs. In addition to the Sienese Bank, which today startslargest capital increase of the year for an Italian company, in these hours two other realities are starting their refinancing process: Italcementi and Banca Popolare di Sondrio.
Last Thursday the board of directors of Italcementi had defined the details of the operation, the maximum amount of which will be 499,98 million euros. The issuance of 103.622.721 ordinary shares is envisaged, which will be offered to shareholders at a ratio of 3 new shares for every 7 shares held at the unit price of 4,825 euro, with a discount of 32,67% compared to the Terp (the theoretical price ex right). The increase will end on Friday 27 June, while the option rights will remain listed until 20 June.
Italmobiliare, as the majority shareholder of Italcementi, has already announced that it has irrevocably undertaken to subscribe its share of the capital increase. Furthermore, the operation will be assisted by a guarantee syndicate coordinated by Mediobanca. The recapitalization is mainly intended to finance the takeover bid on Ciments Français shares not yet held by the company, which will be launched by the end of the month at a price of 79,5 euros per share.
as to Popular of Sondrio, the institute is looking for capital to strengthen its capital in view of the asset quality review and the stress tests of the ECB. Today the increase from 350 million euro starts through the maximum issue of 114.422.994 new shares, to be offered as an option to those entitled at the subscription price of 3 euro per share, in the ratio of 3 new shares for every 8 shares held. The maximum equivalent value of the offer will therefore be equal to 343,27 million euro. The subscription price provides for a discount of approximately 29,32% with respect to the Terp.
The operation also envisages the issue of a further maximum of 30.814.798 shares which will be assigned today free of charge to those entitled in the ratio of one newly issued share for every 10 shares held. The offer is fully backed by a guarantee consortium coordinated by Banca IMI and Mediobanca. The increase will end on Friday 4 July, while the rights will remain listed until 27 June.
Meanwhile, in Piazza Affari, the shares of Italcementi and that of Popolare di Sondrio lost respectively 0,8 and 0,7% half an hour after the opening.
