Milano, 18 September 2006
Banca Intesa communicates that today it has notified Consob - by filing the relevant form 120 A - of the decrease in its stake both in FIAT’s total share capital from 5.58% to 4.82% and in the latter’s voting share capital from 4.58% to 2.37%.
As regards the above, Banca Intesa clarifies the following. The decrease in the total share capital follows the delivery of FIAT’s ordinary shares upon expiry of options on the same, related to the hedging transactions on the Fiat position carried out by Banca Intesa under its usual policy of active management of market risk and disclosed to the financial community on many occasions. The decrease in the voting share capital is solely the result of the lending of a further 25,500,000 FIAT ordinary shares (which adds to last January’s lending of 12,000,000) carried out by Banca Intesa under its customary securities lending activity.
Securities lending – which Banca Intesa contributed to launch in the Italian market and is further strengthening – enables optimisation of the yield on securities held in portfolio.
Last updated 18 September 2006 at 16:46