Lightning operation by the Treasury (today mef) which in just a few hours successfully put 25% of the shares on the market and sold them Monte dei Paschi, as has been requested for some time European Commission. The Mef thus collects 920 million euros which give breathing space to the state budget and which concretely initiates the privatizations from which the Treasury expects to obtain 20 billion in three years. The operation took place yesterday evening with an accelerated order collection procedure entrusted to a consortium of banks and increased by the immediate positive response of the market.
The price per share that the Mef collects is equal to 2,92 euros per share for a value not far from one billion euros. The consideration incorporates a discount of 4,9% compared to the closing price of Monte dei Paschi shares yesterday in Bag but it is almost 50% higher than the subscription price of the Sienese bank's capital increase carried out in November 2022.
MPS, the Treasury has committed not to sell further shares for the next 90 days
After the lightning operation, the Mef's shareholding in Monte dei Paschi drops from 64,23% to 39,23% of the share capital. A note from the Mef explains that the flash sale was carried out "through a consortium of banks made up of BofA Securities Europe Sa, Jefferies GmbH and UBS Europe SE as Joint Global Coordinators and Joint Bookrunners with the aim of promoting the placement of the shares with qualified investors in Italy and institutional investors abroad". The Mef in turn undertakes "not to sell further MPS shares on the market for a period of 90 days without the consent of the Joint Global Coordinators and Joint Bookrunners themselves and except for exemptions, as per market practice".
MPS, the lightning operation is a personal success for Minister Giorgetti
Privatizations are only at the beginning and the road is not easy but the lightning placement of 25% of MPS is an undoubted personal success of the Minister of Economy Giancarlo Giorgetti which will also be able to be used in front of European partners.
