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Italy Watchdog Asks UK To Probe Saipem SpA's Share Placement-Reuters

Monday, 4 Feb 2013 04:08pm EST 

Reuters reported that Italy's market watchdog Consob has asked its British counterpart to probe a sale of Saipem SpA shares by BofA Merrill Lynch a day before the oil services group issued a profit warning that sank the shares. Bank of America-Merrill Lynch BAC.N had placed 2.3% of Saipem shares on the market for EUR30.65 per share. Bofa Merrill Lynch declined to comment. Consob and Saipem also declined to comment. The Financial Services Authority could not immediately be reached after hours. 

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