Saipem Biggest Private Investor Votes for $3.7 bln Cash Call
Saipem's biggest private shareholder Dodge & Cox voted on Wednesday in favour of a 3.5 billion euro ($3.7 billion) capital increase designed to strengthen the Italian oil contractor's balance sheet.
The U.S. investment company currently owns more than 12 percent of Saipem.
"It's an important signal... It means they share our proposal," Saipem chairman Paolo Andrea Colombo said at a shareholder meeting.
A majority of Saipem investors approved the cash call at the meeting.
The oil contractor is controlled by a shareholder pact comprising state-owned investment fund FSI and state-controlled oil major Eni.
(Reporting by Giancarlo Navach; writing by Stephen Jewkes; editing by Francesca Landini)
