by Verità&Affari editorial team
The Ministry of Economy and Finance (MEF) has launched a accelerated order collection procedure (in English Accelerated Book Building, ABB) for the sale of 157,461,214 ordinary shares of Banca Monte dei Paschi di Siena corresponding to approximately 12.5% of the share capital of the bank.
The procedure was started through a banking consortium established by BofA, Citigroup, Jeffries and Mediobanca as Joint Global Coordinators and Joint Bookrunners, with the aim of promoting the placement of the aforementioned shares with qualified investors in Italy and foreign institutional investorswe read in a note.
As part of the operation, the MEF is expected to engage with the Joint Global Coordinators and Joint Bookrunners a do not sell on the market further shares of the bank for a 90 day period without the consent of the Joint Global Coordinators and Joint Bookrunners themselves and unless exempted, as per market practice. Last November the Treasury sold the 25% of the capital company at a price per share of 2.92 euros, for a total value of approximately 920 million euros.
At today’s closing price of 4.256 euros per share, 12.5% of the company would be worth over 670 million euros. These operations incorporate however usually one discount: In November it was 4.9% compared to the closing price. The ministry of Economy and Finance currently has the 39.23% of the capitaland social, as reported on the Sienese bank’s website. (Teleborsa)