Italy Sells 25% Stake in Monte Paschi for About €920 Million
- Treasury places shares through accelerated book building
- Government has EU commitment to sell Monte Paschi by 2024
An ATM outside a Banca Monte dei Paschi di Siena SpA branch in San Rocco a Pilli, Italy.
Photographer: Francesca Volpi/BloombergThis article is for subscribers only.
Italy sold about 25% of Banca Monte dei Paschi di Siena SpA for approximately €920 million ($1 billion) as part of its plan to divest from the bailed-out lender.
Italy sold 314.9 million shares for €2.92 apiece, with a 5% discount on Monte Paschi’s closing price, the Finance Ministry said Monday in a statement. The size of the offering was increased from an initial planned disposal of a 20% stake because of strong demand, according to the statement.