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mercredi 4 janvier 2012

UniCredit, OmniCredit...


UniCredit, OmniCredit

This is a reader appeal — just why are there so many banks working on Unicredit’s new rights issue? We still can’t work it out:
In addition, the Company informs that, following today’s Board of Directors meeting, the underwriting agreement related to the transaction was signed. The underwriting syndicate will be coordinated and led by BofA Merrill Lynch, Mediobanca and UniCredit Corporate & Investment Banking who will be acting as Joint Global Coordinators and Joint Bookrunners and will include, in addition to BofA Merrill Lynch and Mediobanca, Banca IMI, BNP PARIBAS, Credit Suisse, Deutsche Bank, HSBC, J.P. Morgan, Société Générale and UBSwho will be acting as Joint Bookrunners; ING, Nomura, RBC, RBS and Santander who will be acting as Co-Bookrunners; BBVA, Credit Agricole CIB, Mizuho International plc and MPS Capital Services who will be acting as Co-Lead Managers and BANCA AKROS S.p.A., Banca Aletti & C. S.p.A., Banca Carige S.p.A., Equita SIM S.p.A., Intermonte, Investec Bank plc and Keefe, Bruyette & Woods, Ltd who will be acting as Co-Managers. The underwriting syndicate members have committed, severally and not jointly, to subscribe any new ordinary shares that should remain unsubscribed at the end of the Offering and of the following offer on the MTA of the unexercised subscription rights pursuant to Article 2441, paragraph 3, of the Italian Civil Code, up to a total amount of Euro 7.5 billion. The underwriting agreement contains, inter alia, usual clauses which condition the effectiveness of the underwriting commitments or which grant underwriters the right to terminate the agreement, in line with international best practice…
(Spreading the wealth?)
(Dry season for tombstones?)
(It’s getting hard to fill the Powerpoint slides at beauty parades?)
Maybe this is the future of European bank cash calls… Anyway, those are the underwriters.
Also from the press release, it’s interesting to note some cornerstone UniCredit shareholders who are not on the rights issue – in the shape of binding commitments. There are plenty of commitments from Italian fondazioni for example but no Libyans. (Though they’re authorised by the Italian government to buy stock.) We find that interesting but perhaps they’d prefer to be discreet…
H/T Bryce Elder

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