Finance
Italy Sells 12.5% of Monte Paschi for About €650 Million
- Rome has long struggled to divest its stake in the lender
- The sale is part of Rome’s ambitious privatization plan
The Banca Monte dei Paschi di Siena SpA headquarters in Siena, Italy.
Photographer: Francesca Volpi/BloombergItaly sold about 12.5% of Banca Monte dei Paschi di Siena SpA for about €650 million ($704 million) as part of a state plan to divest from the bailed-out lender.
The government led by Prime Minister Giorgia Meloni sold 157.5 million shares for €4.15 each, with 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.