The Board of Directors of Fincantieri has approved a capital increase reserved for institutional investors of up to 10% of the company's share capital and has initiated the placement of the new shares through an accelerated bookbuilding process.
Upon completion of the transaction, Cdp Equity – which currently holds approximately 70.67% of the share capital – will remain the controlling shareholder with a stake of about 64.25%, assuming the capital increase is fully subscribed.
Specifically, a maximum of 32,588,445 ordinary shares will be issued, equal to 10% of the pre-increase shares, which will be offered for subscription to qualified and/or institutional investors through an accelerated bookbuilding process to be launched immediately.
The capital increase "will enable the company to further enhance its financial flexibility and ensure optionality and speed in the implementation of its strategy and Industrial Plan, mainly with regard to increasing production capacity, as well as supporting its selective path of inorganic growth," the statement explains.
The capital increase, excluding pre-emptive rights, will also allow the company to broaden its institutional shareholder base, while simultaneously increasing the free float and liquidity of the stock.
In connection with the placement, BNP Paribas, Jefferies, and Mediobanca will act as joint global coordinators and joint bookrunners.
Full statement
(Sabina Suzzi, editing by Claudia Cristoferi)
