Il Monte dei Paschi di Siena officially launched thecapital increase of 5 billion euro which – at the behest of the ECB – will have to close by 31 December. The maximum price is € 24,9 per share, while the minimum was set at 1 €.
Mps explains that the 35% of the increase will be intended for the general public in Italy, of which at least the 30% in pre-emption to the partners, while the 65% will be reserved for institutional placement.
With the (still unofficial) go-ahead from Consob, it is also part of the capital strengthening plan the reopening of the subordinated securities conversion window (including the “Fresh 2008” title) in the hands of about 40 small investors. Retail customers had been excluded from the first part of the conversion into shares, which was accepted only by institutional investors for around 1 billion.
If the path of the capital increase on the market fails, the State would enter the field. According to Repubblica, the Treasury would have prepared a 15 billion euro fund to support the capital increases of the banks most in difficulty. In addition, public coffers would also pay off guarantees for 80 billion to support any liquidity crises.
Meanwhile, at the beginning of the afternoon the Montepaschi stock runs on the Stock Exchange, achieving an increase of 4,7%, to 21,01 euros per share, the best performance of the Ftse Mib.
