January 19, 2018 / 10:53 AM / a month ago

Italy's Creval expects to launch new share issue on Feb. 19 - sources

MILAN, Jan 19 (Reuters) - Italy’s Credito Valtellinese expects to launch a planned 700 million euro ($859 million) cash call on Feb. 19 just two weeks before a general election, two sources said.

Italians head to the polls to pick a new government on March 4. The vote, which is expected to result in a hung parliament, risks making investors nervous and Creval had hoped to wrap up its stock sale before then.

If the stock sale were launched on Feb. 19, which the two sources said was now the “most likely date”, shareholders in the bank would have until Feb. 2 to exercise their right to buy in.

Unexercised subscription rights would be offered on the market in the week following the election.

Creval declined to comment.

$1 = 0.8149 euros Reporting by Gianluca Semeraro and Andrea Mandala,

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