Monte Paschi Top Investor:Reaches Share Sale Deal With Lenders
March 11 2012 - 8:43AM
Dow Jones News
The non-profit foundation that controls Banca Monte dei Paschi
di Siena SpA (BMPS) says it has reached an accord with the lenders
that hold its shares in Italy's No. 3 bank as collateral.
In a statement, Fondazione Monte dei Paschi di Siena said the
deal allows it to sell some of the shares to cut debt.
Last month, the foundation approved a plan to sell up to 15% of
the Siena-based bank.
Friday's statement also said that talks with parties on a
separate total return swap deal continue and hope to be concluded
"as soon as possible."
Sunday's edition of daily Il Sole 24 Ore reported, without
citing its source, that the foundation may sell a stake of around
7% in Banca Monte dei Paschi di Siena this week.
-By Liam Moloney, Dow Jones Newswires; +39 06 6976 6924;
liam.moloney@dowjones.com
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