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Fincantieri falls as it announces reverse stock split ahead of capital hike



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** Shares in Italy's Fincantieri FCT.MI fall 4% after the shipbuilding group said on Wednesday it would execute a 1-to-10 reverse stock split on June 17

** The reverse stock split is in preparation for the 500 million euro ($540 million) capital hike announced on Tuesday, brokerage Equita notes

** "When there is a share grouping ahead of capital hike, market operators tend to sell the stock as it is believed to be overpriced," a Milan-based trader says

** The stock is on track for its worst day in more than a month if losses hold, and underperforms Italy's all-share index .FTITLMS which is down 1.1%

** Up to Wednesday's close, the shares were up 0.9%​ YTD


($1 = 0.9255 euros)



Reporting by Alberto Chiumento, Giancarlo Navach

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