(Bloomberg) -- Italy’s government said Wednesday that it sold a stake of 15% in Banca Monte dei Paschi di Siena SpA via a placement for about €1.1 billion.
Milan-based lender Banco BPM SpA bought 5% of the placing, according to a statement, saying it does not want to request permission to exceed a 10% holding.
“We have completed an important action as we had announced in institutional venues by providing for the implementation of an Italian banking and financial policy operation aimed at strengthening the shareholder base,” Italian Finance Minister Giancarlo Giorgetti said in a statement.
For Italy, which nationalized Monte Paschi, the sale marks the latest step in an exhaustive restructuring drive that dates back to 2017.
“The acquisition of a stake in MPS by Banco BPM is part of the broader context of the voluntary public tender offer on the entire share capital of Anima Holding SpA,” BPM also said.
Banca Akros acted as global coordinator and bookrunner in the placing.
An initial sale of 25% in Monte Paschi in 2023 allowed Italy to raise about €920 million ($973 million). The sale of an additional 12.5% in March brought in another €650 million.
--With assistance from Tommaso Ebhardt.
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