Saipem Board to Meet on Cash Call Pricing

The board of Italian oil service company Saipem is set to meet on Thursday to discuss the pricing of a planned capital increase of up to 3.5 billion euros ($3.8 billion), a source close to the matter said on Wednesday.

The cash call is expected to get under way on Monday, two sources said.

The company was not immediately available for a comment.

Saipem said in October it would hold a 3.5 billion euro rights issue in the first quarter of this year as part of a new four-year turnaround plan aimed at ensuring the company's survival.

Reporting by Giancarlo Navach