The vertical collapse of Saipem does not stop. After several suspensions, the stock continues to drop around 34%, in line with the drop in the morning (the stock failed to make a price at the opening with a theoretical drop of 40% and then managed to open at -34,94%) . The rush to get rid of Saipem shares was triggered by the company's profit warning last night and the resulting barrage of rating cuts from analysts. The sales also invested Eni which is a 42,9% shareholder of Saipem and which sells more than 5% on the Ftse Mib. "The impact for Eni's shareholders of what Saipem announced yesterday will be around 2013 million euros in 200, around 3% of Eni's most recently published annual profit," Eni's CFO Massimo Mondazzi told the press. which took note of "what Saipem has declared, namely that the decline will be transitory and there will be a significant recovery as early as 2014".
Meanwhile, Consob has turned on the light on the sale of a 2,3% stake in Saipem which took place a few hours before the profit warning. The placement was physically done by Bofa-Merrill Lynch for a disposal by institutional investors closed with a 3% discount. Fidelity, indicated by rumors circulating in the operating rooms as the author of the placement, has denied having sold 2,2% of Saipem. Fidelity appears as the only shareholder above 2% according to Consob declarations, apart from the majority shareholder Eni.
