Italy Steps Up Paschi Sale as Market Conditions Favor Divestment [BNN Bloomberg (Canada)]
Citigroup, Inc. (C)
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Source: BNN Bloomberg
market conditions and the bank's progress in turning itself around, as lack of interests from rivals makes a merger less likely. The government led by Prime Minister Giorgia Meloni sold 157.5 million shares in the bank for €4.15 each, a 2.5% discount on Monte Paschi's closing price, the Finance Ministry said Tuesday in a statement. The pricing is 42% higher than the government's previous placement in November and makes for a total of about €650 million ($704 million). The disposal marks the second such sale on the market, and given the favorable pricing a third placement is possible, according to people familiar with the matter, who asked not to be named as decisions may change depending on conditions. Current prices plus the success to date of a turnaround program at the bank are making it easier for the state to divest from the bailed-out lender. The most recent sale left Italy with a 26.7% stake. BofA Securities, Citigroup Global Markets Europe AG, Jefferies and Mediobanca ac
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- 4/12/24 - Beat
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Sec Filings
- 4/26/24 - Form 424B2
- 4/26/24 - Form FWP
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