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Guilhem Vellut
157.5 million Monte Paschi shares were sold by the state for 4.15 euros each, which is 2.5 percent less than their closing market value on Tuesday.
The papers were offered to Italian and international investors as part of an expedited placement process. The department released a statement saying that demand for the shares was higher than the offer three times.
12.5% of the capital of Monte Paschi's shares have been sold. The state's 39.23% ownership position in the bank was lowered to 26.73%.
The money that comes from the sale of Monte Paschi shares will go toward lowering Italy's public debt.
Monte Paschi was established in Siena in 1472 with the goal of lending money to low-income people. The bank was nationalized by the Italian government in 2017 at a cost of €5.4 billion. As of right now, it's the oldest bank still in operation worldwide.
Starting in November 2023, the Italian government sold 25% of Monte Paschi for €920 million, lowering their ownership in the bank.
source: reuters.com
The papers were offered to Italian and international investors as part of an expedited placement process. The department released a statement saying that demand for the shares was higher than the offer three times.
12.5% of the capital of Monte Paschi's shares have been sold. The state's 39.23% ownership position in the bank was lowered to 26.73%.
The money that comes from the sale of Monte Paschi shares will go toward lowering Italy's public debt.
Monte Paschi was established in Siena in 1472 with the goal of lending money to low-income people. The bank was nationalized by the Italian government in 2017 at a cost of €5.4 billion. As of right now, it's the oldest bank still in operation worldwide.
Starting in November 2023, the Italian government sold 25% of Monte Paschi for €920 million, lowering their ownership in the bank.
source: reuters.com
