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Sector
Financials
Size
Mid Cap
Market Cap £1.70bn
Enterprise Value £9.45bn
Revenue £3.96bn
Position in Universe 102nd / 720

BREAKINGVIEWS-Italian $4 bln bank deal may suit government most

Wed 1st July, 2020 10:29am
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By Liam Proud LONDON, July 1 (Reuters Breakingviews) - Banca Monte dei Paschi di Siena could merge with rival BPM, Reuters reported, helping the state shed its 68% stake. A likely selldown would weigh on the enlarged group’s shares, as would MPS’ high costs and bad debt. The problem for BPM is that it's running out of alternatives. Full view will be published shortly. On Twitter https://twitter.com/liamwardproud CONTEXT NEWS - Banca Monte dei Paschi di Siena (MPS) is exploring merger options, including with Banco BPM, Reuters reported on June 30 citing two sources. - A potential deal was at the centre of talks on June 30 between Banco BPM’s Chief Executive Giuseppe Castagna and Monte dei Paschi Chairwoman Patrizia Grieco, according to the report. Castagna was seen by Reuters leaving the Monte dei Paschi headquarters in Milan. He declined to answer when asked if he had met Grieco. - The Italian government owns 68% of MPS following an 8 billion euro rescue in 2017. It has promised the European Commission it will reprivatise the bank next year. - Reuters reported that Italy’s finance ministry has drafted a decree, which requires the backing of Prime Minister Giuseppe Conte, authorising it “to proceed with the extraordinary operations” to shed its Monte dei Paschi stake. - BPM denied the merger talks. - For previous columns by the author, Reuters customers can click on PROUD/ - SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS http://bit.ly/BVsubscribe <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Monte Paschi eyes BPM merger as Italy's Treasury prepares exit- sources urn:newsml:reuters.com:*:nL8N2E65P1 BREAKINGVIEWS-Intesa starts Italy M&A dance with UBI ambush urn:newsml:reuters.com:*:nL8N2AI1L9 BREAKINGVIEWS-UBI will struggle to rebuff Intesa’s embrace urn:newsml:reuters.com:*:nL8N2AL1XS BREAKINGVIEWS-Italian banks will yield to M&A imperative urn:newsml:reuters.com:*:nL8N29S2MJ ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Editing by Neil Unmack and Karen Kwok) ((liam.proud@thomsonreuters.com; Reuters Messaging: liam.ward-proud.thomsonreuters.com@reuters.net))
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