Equinox to acquire stake in Italy’s third largest bank
Equinox Investment is looking to buy a significant part of the 15% stake in Banca Monte dei Paschi di Siena being sold by its core shareholder, according to reports.
The Monte dei Paschi banking foundation currently owns 49% of the bank and is selling a 15% stake in order to cut debt. The bank's debts are said to total more than €1bn.
The MPS Foundation is looking to retain a minimum stake of 33.5% in order to be able to exercise a veto on the board. MPS is looking to sell to "strategic counterparties" and any sale the Foundation makes is subject to approval from the regulator and Italy's economy minister.
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