January 31, 2013 / 8:27 PM / 5 years ago

Italy watchdog to meet Saipem on Monday on profit warning-source

MILAN, Jan 31 (Reuters) - Italian market regulator Consob will meet with Saipem’s management on Monday over a profit warning that sent shares of the oil field services group plunging to a three-year low, a source close to Consob said on Thursday.

“Consob has asked Saipem management to meet on Monday to discuss the profit warning,” the source told Reuters.

After the market closed on Tuesday, Saipem said 2013 profit would fall 80 percent because of lower margins on new contracts and fewer existing high-margin contracts.

The day after the warning, Saipem shares fell 34 percent on to 19.9 euros. Some traders said Bank of America-Merrill Lynch , just a day before the warning, had sold 2.3 percent of the company for 30.65 euros per share.

Saipem and Merrill Lynch have declined to comment on the share placement.

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