Monte dei Paschi jumps after minister says stake reduction proceeding successfully

Rai Way SpA

02/01/2024 11:33

** Shares in Italy's Monte dei Paschi  BMPS.MI  rise as much
as 4.9% after Economy Minister Giancarlo Giorgetti said in a
newspaper interview that the Italian Treasury's sale of its
stake in the bank is proceeding successfully
    ** Giorgetti told Il Sole 24 Ore over the weekend that Italy
had begun to wind down its stake and "will continue doing the
same without simply selling to the first bidder"
    ** He described MPS as a "former Cinderella that was now
much more coveted" 
    ** In November, Italy sold a 25% stake in MPS, raising 920
million euros ($1 billion) and cutting its holding to 39%
    ** The update to the economics and finance document (NADEF)
expects privatisations amounting to 1% of the Italian GDP, or 20
billion euros ($22 billion) in the next three years, with
potential effects on Ferrovie dello Stato  IPO-FERRO.MI , Poste
Italiane  PST.MI  and Rai Way  RWAY.MI , Equita says
    ** By 1045 GMT Monte dei Paschi is up 4.7%, topping the
Italian Banking Index  .FTITLMS3010  which rises around 2%
($1 = 0.9079 euros)


($1 = 0.9085 euros)

 (Reporting by Philippe Leroy Beaulieu, Alessandro Parodi
Editing by Keith Weir)
 ((philippe.leroybeaulieu@thomsonreuters.com))