Monte dei Paschi Shares Dive After AXA Sells Stake
28 Fevereiro 2023 - 6:58AM
Dow Jones News
By Ed Frankl
Shares in Banca Monte dei Paschi di Siena SpA tumbled on Tuesday
after French insurer AXA SA sold most of its 7.9% stake in the
bank.
At 0915 GMT, shares were down 9.2% to EUR2.49.
AXA said Tuesday that it successfully sold 100 million shares
worth 233 million euros ($247.2 million), in an accelerated
bookbuild reserved to institutional investors, and would retain a
0.0007% stake in the world's oldest bank.
With Banca MPS's share price well above the EUR2 a share price
of the bank's capital increase, AXA's move is a financial decision,
considering that the intervention in the bank's capital was aimed
at ensuring the success of the capital increase and, consequently,
supporting its bancassurance joint venture with the Italian bank,
Equita analyst Andrea Lisi said in a note.
The sale won't impact the bancassurance partnership, which is
set to expire in 2027, Mr. Lisi said.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
February 28, 2023 04:43 ET (09:43 GMT)
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