Investor worries over the ability of European banks to raise much-needed equity mounted yesterday after UniCredit suffered a steep share price fall for the second day, rattling the group’s planned €7.5bn rights issue.
UniCredit’s share price dropped 17 per cent, compounding a 14 per cent slump on Wednesday, as the bank published details of its deeply discounted share price offering.
Analysts blamed continued investor nervousness about Italy and banks in general. “Frankly, you’d be insane to put any money into this,” said one London-based analyst. “That’s nothing against UniCredit. It’s a country problem.”
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