Investors 'celebrate' UniCredit plan as shares soar +15.9%

(supersedes previous)(ANSA) - Milan, December 13 - Investors on the Milan stock market "celebrated" UniCredit bank's 2016-2019 strategic plan as its shares soared 15.92% to close at 2. 42 euros a share on Tuesday.
    Shares in the bank traded hands on volume of 326 million shares, equal to over 5% of capital stock. UniCredit subsidiary Fineco also posted gains (+7.69% to 5.07 euros a share) after UniCredit CEO Jean Pierre Mustier said his company intended to retain control.
    UniCredit earlier announced plans to raise 13 billion, cut 14,000 jobs and achieve net income of 4.7 billion euros by 2019. The 13-billion-euro rights issue is "fully underwritten by volume by a consortium of leading international banks", UniCredit said. UniCredit reportedly plans to shut down 800 branches and reduce its Italian workforce by 21%, equal to one-fifth of its overall employees. Trading in UniCredit shares on the Milan bourse was initially suspended Tuesday after they fell 5.12%. The stock returned to trading shortly after with a 3% increase to reach 2.49 euros per share. "We have developed a pragmatic plan based on conservative assumptions with tangible and achievable targets," said Mustier.
    Management is "taking decisive action to deal with our (non-performing loan) legacy" in a bid "to become one of Europe's most attractive banks", the CEO said.