MILAN, Oct 10 (Reuters) - Shares in Banca Carige jumped 9 percent on Tuesday on expectations a debt swap offer - a key part of the Italian bank’s capital raising efforts - will go through.
Sources close to the matter said earlier on Tuesday Intesa Sanpaolo and Assicurazioni Generali, which together hold just over 100 million euros ($117.87 million) in Carige’s debt, will take up its exchange offer.
Carige is offering to convert up to 510 million euros of junior debt into senior-ranking debt. It has warned its business could be at risk if its capital raising plan, which includes a new share issue for up to 560 million euros and asset disposals, does not go through.
$1 = 0.8484 euros Reporting by Andrea Mandala, writing by Valentina Za,