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The State further lightens its presence in the capital of Banca MPS. The Ministry of Economy and Finance announces that it has started an accelerated order collection procedure for the sale of 157,461,214 ordinary shares of the Sienese bank, corresponding to approximately 12.5% of the institute’s share capital, through a consortium of banks made up of BofA Securities, Citigroup Global Markets Europe Ag, Jefferies 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 investors», as reads in a note from the Mef.
As part of the operation, the Treasury, continues the note, undertakes with the Joint Global Coordinators and Joint Bookrunners not to sell further shares of the Bank on the market for a period of 90 days without the consent of the Joint Global Coordinators themselves and Joint Bookrunners and subject to exemptions, as per market practice. The final terms of the transaction will be communicated at the end of the placement.
For the State, collections of 653-670 million
The placement of the package of MPS shares owned by the Ministry of Finance, according to what was collected by Radiocor, is taking place at a price range between 4.15 euros and today’s stock market closing price, i.e. 4.256 euros. At the minimum level the discount on the closing price is approximately 2.5%. If the sale of the 157 million shares, equal to 12.5% of the capital, takes place at these values, the proceeds for the Treasury will be between 653 and 670 million euros. Following the operation, the Mef will retain a 26.7% share.
25% sold in November
The operation follows the one launched last November 20, when the Ministry of Economy sold 25% of Monte dei Paschi di Siena for a consideration of 920 million through the Accelerated Book Building operation. On that occasion, given a demand five times greater than the offer, the amount placed on the market was increased from 20 to 25% and the discount given to buyers was 4.9%. The shares were sold at a price of 2.92 euros each, a value almost 50% higher than the subscription price of the bank’s share capital increase carried out in November 2022.
2024-03-26 18:33:45
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