UniCredit may price shares at 30-40% discount as execs take pay cut
UniCredit may price its shares with a 30-40% discount in an upcoming €13bn ($14bn) cash call, say sources. Shares fell 3% on hearing the news although UniCredit has yet to confirm the report. At the same time, the bank's chairman and three deputy chairmen are to follow in the tracks of its CEO Jean Pierre Mustier by taking a 40% cut in their salaries. Recently Mustier announced he was to cut his salary drastically whilst unveiling a business plan that would result in the cutting of 14,000 jobs and 944 branch closures by 2019.

UniCredit may price shares in cash call with 30-40 pct discount-source

MILAN, Jan 11 (Reuters) - UniCredit may price shares in an upcoming 13 billion euro ($14 billion) cash call with a 30-40 percent discount, a source close to the matter said on Wednesday, confirming a press report which drove shares down 3 percent.

The source said no final decision had yet been taken. UniCredit declined to comment.

The source said the bank was considering pricing new shares at between 1.2 euros and 1.3 euros each.

"It's a possibility that's being studied," the source said.

The stock fell 2.7 percent to 2.608 euros by 0838 GMT with traders saying sales had been triggered by Il Messaggero daily, which first reported details of the share issue pricing.