MILAN - Shares in A2A are down almost 5 percent to touch one-month lows after Swiss utility Alpiq sells a 5 percent stake in the Italian regional utility.
"The shares are down because of the overhang effect from the placement under way," a trader says.
Alpiq is selling its 5 percent stake in A2A through an accelerated book building process to raise cash, a source said on Thursday.
Traders say UBS is seeking to place the stake at a price of around 0.718 euros. But a Milan fund manager says the broker is having trouble placing the stake with clients at that price.
"There's a bit of confusion on the market and we're waiting for resolution," he says.
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