Monte dei Paschi di Siena, Axa sells shares at a price of 2.33 euros per share


On February 27, the insurance group announced that it had launched an accelerated book building to sell its stake in MPS, equal to approximately 7.94% of the capital. The placement was entrusted to Exane Bnp Paribas. The sale “has no impact on Axa’s partnership with the bank or on the Italian market”, the French company specified in a statement.

Following the announcement of Axa’s accelerated book building to sell its stake in Monte dei Paschi di Siena, the share price was set at 2.33 euros. This was reported by Bloomberg, highlighting that the fixed price sees a “15.1% discount compared to yesterday’s stock market closing”.

The sale of the share

On February 27, Axa announced that it had launched an accelerated book building to sell its stake in Mps, equal to approximately 7.94% of the capital. The placement was entrusted to Exane Bnp Paribas and the proceeds of the insurance group will be 233 million euros. With a press release Axa, which currently holds a stake in Banca Monte dei Paschi di Siena equal to 100,008,907 shares, launched the start of the sale of 100,000,000 shares of the bank, in private placement reserved for institutional investors. Axa will maintain, directly or indirectly, 0.0007% of the Sienese bank’s share capital.

Axa: “The sale has no impact on the partnership with the bank”

The sale of Axa’s stake in Mps “does not impact in any way Axa’s partnership with the bank or Axa’s commitment on the Italian market”, the French company specified yesterday in the note, adding that “as a long-standing partner in the joint-venture” in bancassurance “Axa supported the bank by participating in its most recent capital increases as a financial investment”. As explained in the press release, the decision came because the insurance group “does not intend to seek representation on the bank’s board at the next shareholders’ meeting or influence the bank’s long-term strategy”. For this reason “Axa believes it is time to sell its stake acquired with the capital increase”.



Source-tg24.sky.it