Sabato, 22 Settembre 2018
MILAN

Italian regulator probes share sale at oil-services Saipem

English
© ANSA

Milan, January 30 - The share value of Italian
oil-service provider Saipem plunged Wednesday after regulators
announced a probe of unusual share sales that occurred shortly
before the company announced a dramatic drop in forecast
profits.
Financial market regulator Consob announced it would review
the sale of almost 10 million shares in Saipem made after the
close of trading on Monday, just hours before the company
announced that its 2013 profits would be less than half the
amount previously expected.
Shares in Saipem SpA, Europe's biggest oil-service
provider, plunged a record 39% by mid-afternoon Wednesday in
Milan trading as a result, Bloomberg reported.
Bank of America Corp.'s Merrill Lynch unit offered to sell
9.97 million shares, equivalent to 2.3% of the company, on
behalf of an institutional client after the close of trading on
January 28, Bloomberg said.
This is the second time in less than two months that Saipem
has drawn regulators' scrutiny.
In early December, share prices plunged after the company,
whose largest shareholder is Italian energy giant Eni SpA, was
implicated in a corruption probe related to contracts in
Algeria.
Chief Executive Officer Pietro Franco Tali was replaced in
early December by Umberto Vergine because of the probe.
Two other senior managers were also suspended from
Milan-based Saipem.
The company's board also ordered an internal investigation
using outside consultants.
Tali, in his resignation statement, said he was not "in any
way involved" in the case, but said his resignation would help
the company.

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