Deals
UniCredit Slumps After Announcing 43% Discount on Share Sale
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UniCredit SpA fell the most in 23 years in Milan after Italy’s biggest bank said it will sell 7.5 billion euros ($9.7 billion) of shares at 43 percent less than yesterday’s closing price, excluding the value of rights.
Investors will be offered two new shares for 1.943 euros each for every one they already hold, the Milan-based lender said in a statement today. That exceeds the 30 percent discount offered by Commerzbank AG in its 5.3 billion-euro rights offer last May and the 39 percent discount when HSBC Holdings Plc raised about $17.7 billion in March 2009.