Investment banks could be left with unwanted stock in Italian oil company after falling crude prices diminish demand for deal they underwrote Investment banks Goldman Sachs and JP Morgan could be left with large stakes in Italian oil services company Saipem following the completion of a €3.5bn (£2.7bn) share issue.
Saipem launched the issue,which it hopes will give it a stronger financial structure, on 21 January at 37% lower than the then traded price in the company’s shares.
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Source: theguardian.com