MPS, the government speeds up the procedures for selling shares

The Ministry of Economy and Finance accelerates the process of selling the stake in Banca Mps: in fact, via XX Settembre announces that it has started an accelerated procedure for collecting orders for the sale of 251,937,942 ordinary shares of Banca Monte dei Paschi di Siena SpA corresponding to approximately 20% of the Bank’s share capital, through a consortium of banks constituted by BofA Securities Europe SA, Jefferies GmbH and UBS Europe SE as Joint Global Coordinators and Joint Bookrunners, «with the aim of promoting the placement of the aforementioned shares in qualified companies investors in Italy and foreign institutional investors”.

As part of the operation – a note reads – «it is expected that the MEF will commit to the Joint Global Coordinators and Joint Bookrunners not to sell any more shares of the Bank on the market for a period of 90 days without the consent of the Global Coordinators and Joint Bookrunners and is subject to exemptions, in accordance with market practice. The final terms of the transaction will be communicated at the end of the placement.”

Source: IL Tempo