Italy will manage the sale of its remaining 4.86% stake in Monte dei Paschi di Siena (MPS) in a manner that does not interfere with ongoing merger and acquisition activities involving the bank, Economy Minister Giancarlo Giorgetti said on Wednesday. The government had previously considered an accelerated bookbuilding process to sell its stake before Intesa Sanpaolo announced its takeover bid for MPS in June.
Giorgetti revealed that the Treasury had planned the share placement before Intesa’s €30.6 billion cash-and-share offer emerged. He emphasized that Rome intends to remain neutral in Italy’s banking consolidation process and will avoid any action that could disrupt ongoing negotiations. The minister added that the government wants to ensure a smooth transition as it gradually exits its role as a shareholder in the lender.
The Italian Treasury currently owns 4.86% of MPS, a stake valued at approximately €1.7 billion. The government rescued the bank in 2017 through a bailout agreed with European Union authorities and has since been reducing its ownership through a series of stake sales. If completed, Intesa Sanpaolo’s acquisition of MPS would create the eurozone’s second-largest banking group.
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