The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
A group of banks led by UniCredit SpA is considering options including a state-backed guarantee for a 850 million euros bridge-loan for troubled Italian engineering firm Saipem SpA, according to people familiar with the matter.
The team of banks, which includes Intesa Sanpaolo SpA, started discussing the option in a confidential meeting, the people said, asking not to be named since the project isn’t public. The banks plan to ask Sace SpA, Italy’s trade-credit insurer, for the guarantee, the people said. No final decision has been taken and the plan could change, they added.
Saipem shares rose as much as 4.8% to 1.094 euros in Milan trading, giving the company a market value of 1.1 billion euros.
Spokespeople for UniCredit, Saipem, Sace and Intesa Sanpaolo declined to comment.
Milan-based Saipem, led by Chief Executive Officer Francesco Caio, issued a shocking profit warning in January.