Shareholders’ interest in taking part in Italian oil services company Saipem’s cash call subscription has been far from overwhelming.

Upon expiry of the subscription period, investors have only subscribed for approx. 70% of the new shares being issued as part of a planned EUR 2bn cash call.

The 70% of the shares make up EUR 1.4bn of the capital raise. The unexercised rights for the remaining EUR 600m will be offered Tuesday and Wednesday on the Milan stock exchange.

In connection with the issue, existing shareholders were offered 95 new shares for every share held at a price of EUR 1.031 apiece.

The Italian oil and gas services company Eni and the state financial institute CDP committed to retaining a 44% stake in the company.

The share price had dropped 32% by noon Tuesday.

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