December 22, 2011 / 11:32 AM / 7 years ago

UniCredit reverse share split effective Dec 27

MILAN, Dec 22 (Reuters) - UniCredit said on Thursday the reverse split of ordinary and savings shares agreed at a shareholders meeting on December 15 will be effective on December 27.

It reiterated the split will be based on one new share, ordinary and savings, for every 10 existing shares.

Earlier this month UniCredit shareholders overwhelmingly backed a highly dilutive 7.5 billion euro capital increase to shore up its ravaged balance sheet.

Reporting By Stephen Jewkes

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