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Jan 20, 2012

UniCredit set to succeed with share sale

MILAN (Reuters) – UniCredit (CRDI.MI: Quote, Profile, Research, Stock Buzz) is set to meet the tougher capital requirements being imposed on euro zone banks thanks to its 7.5 billion-euro ($9.7 billion) share sale, with Friday the last day of trading in rights to the heavily discounted new shares.

Some 31 European banks must tell their national regulators by Friday how they plan to fill the 115 billion-euro collective hole in their balance sheets as part of moves to tackle the continent’s sovereign debt crisis.

Jan 19, 2012

Tape shows cruise ship crew denying emergency

ROME (Reuters) – A crew member of the capsized Costa Concordia told the Italian coastguard the vessel had only suffered a power outage and there was no emergency onboard, even after passengers had put on life vests, according to a new recording aired on Thursday.

News channel Sky TG 24, which broadcast the tape, said it was the first radio conversation between the coastguard and the cruise ship after the liner, carrying 4,200 passengers and crew, hit a rock off Tuscany’s coast on Friday night and keeled over.

Jan 17, 2012

Entertainers outnumbered sailors on doomed liner

MILAN (Reuters) – The doomed Italian liner which capsized off the coast of Italy was less a ship than a seaborne version of a Las Vegas hotel and most of the 1,023-strong crew were there to run the bars, swimming pools, theatres and casino.

A mixed group of around 40 nationalities with Filipino and Peruvian waiters, English dancers and Spanish musicians, at least two thirds of the crew were aboard to entertain and take care of the passengers, heavily outnumbering qualified seamen.

Jan 13, 2012

UniCredit set for 90-95 pct rights take-up – source

MILAN, Jan 13 (Reuters) – Italian lender UniCredit’s
(CRDI.MI: Quote, Profile, Research) 7.5 billion euros ($9.6 billion) capital increase will
likely be taken up by 90-95 percent of shareholders, a source at
one of the deal’s 27 underwriters said.

UniCredit’s deeply discounted rights issue CRDI_r.MI,
designed to help it meet tougher European Union capital
requirements, has been fully underwritten by a consortium led by
Mediobanca (MDBI.MI: Quote, Profile, Research) and BOfA Merrill Lynch.

Jan 9, 2012

UniCredit capital increase gets off to rocky start

MILAN, Jan 9 (Reuters) – UniCredit’s capital raising
plans failed to convince investors on Monday, with a sharp fall
in the Italian bank’s shares and the rights to buy into its cash
call highlighting the difficulty European lenders face to
recapitalise.

The bank’s 7.5 billion euro ($9.5 billion) rights issue is
seen as a litmus test of investor appetite for European banks,
which have been told they must find 115 billion euros by June to
shore up their capital buffers to withstand a euro zone debt
crisis.

Jan 6, 2012

UniCredit 3-day share plunge reaches 37 percent

MILAN (Reuters) – Shares of UniCredit (CRDI.MI: Quote, Profile, Research, Stock Buzz), Italy’s biggest bank by assets, sank for a third day as investors punished the stock after the lender priced a 7.5 billion-euro ($9.5 billion) rights issue at a deep discount.

The shares closed down 11.1 percent at 3.98 euros on Friday, the last trading day before the new share offer takes effect on Monday, extending losses over the past three days to 37 percent.

Jan 6, 2012

UniCredit extends three-day plunge to 37 percent

MILAN, Jan 6 (Reuters) – Shares in UniCredit
(CRDI.MI: Quote, Profile, Research), Italy’s biggest bank by assets, dived for a third day
as investors punished the stock after the lender priced a
7.5-billion euro ($9.54 billion) rights issue at a deep
discount.

The shares closed down 11.1 percent at 3.98 euros on Friday,
the last trading day before the new share offer takes effect on
Monday, extending losses over the past three days to 37 percent.

Jan 4, 2012

UniCredit rights issue priced at big discount

MILAN, Jan 4 (Reuters) – UniCredit launched
a 7.5 billion euro ($9.8 billion) capital increase meant to
shore up its ravaged balance sheet at a significant discount,
sending its shares down as investors worried about the high
dilution of their holdings.

Shares in Italy’s largest bank by assets, which like many
European banks must raise funds to meet new stringent capital
requirements, dropped 9 percent after it detailed an issue that
is much more sharply discounted than those of its peers.

Dec 2, 2011

Analysis: Crisis-hit Italy tests Fiat’s allegiance

MILAN (Reuters) – Fiat SpA’s (FIA.MI: Quote, Profile, Research, Stock Buzz) five car factories in Italy are all in the red and its profits now driven squarely by U.S. affiliate Chrysler, meaning a further scaling back of its 100-year-old Italian operations — if not a complete pullout — now looks increasingly likely.

The company’s quixotic chief executive Sergio Marchionne says it would be unthinkable for the company not to have the interests of its 80,000 employees and its homeland at heart.

Nov 28, 2011

Monte Paschi foundation renegotiating debt

ROME/MILAN, Nov 28 (Reuters) – The foundation which
controls Banca Monte dei Paschi di Siena is
renegotiating with creditors the terms of 1.1 billion euros of
loans, backed by Monte Paschi shares, as it seeks to keep
control of Italy’s third biggest lender.

The foundation, which owns 48.4 percent of the Tuscany-based
bank (MPS) and which was forced to take out the loans to
underwrite two capital increases since 2008, said on Monday
talks with the banks were at an advanced stage.