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Banco Popolare shares plunge 16 pct after surprise rights issue
January 27, 2014 / 8:57 AM / 4 years ago

Banco Popolare shares plunge 16 pct after surprise rights issue

MILAN, Jan 27 (Reuters) - Shares in Banco Popolare fell 16 percent on Monday and were suspended from trading after the Italian lender unexpectedly announced plans for a 1.5 billion-euro ($2.05 billion) rights issue.

The bank said late on Friday it would carry out the cash call in the first half after preliminary 2013 figures pointed to a larger-than-expected 600 million euro loss last year due to mounting loan writedowns.

At 0847 GMT the stock was suspended for excessive fall after losing 16.3 percent at 1.268 euros.

$1 = 0.7307 euros Reporting by Danilo Masoni, editing by Valentina Za

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