HomeEconomyMonte dei Paschi investors back latest cash call in stormy market Economy Monte dei Paschi investors back latest cash call in stormy market By inew September 15, 2022 0 101 views Share FacebookTwitterPinterestWhatsApp BAC +1.52% Add to/Remove from watchlist Add to watchlist Add Location Job added successfully: Please name your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1: 1: 1: 1: 0026 1: 64 MDIBY 400-0.% added to watch List/Remove from Watchlist Add to watchlist Add Location Job added successfully: Please name your portfolio type: purchase Sell date: quantity: price Point value: ) Leverage: 1:1 1: 1: 1: 1: by Silvia Ognibene and Valentina Za Siena, Italy (Reuters) – Shareholders of Monte dei Paschi di Siena (MPS) on Thursday approved a new share sale of up to 2.5 billion euros ($2.5 billion), amid questions over whether the state-owned company could cancel its stake in the bank. Latest cash calls. after five years of bailouts to the state 11% equity, MPS needs funds to cut costs by laying off thousands of employees Through costly early retirement and replenishing capital buffers. CEO Luigi Lovaglio said that MPS will launch its seventh stock offering on In October 2009, a new government was formed after the general elections in September. . “This is the official start of the game. Now we play, “He says. Stagflation fears roiling financial markets complicates Lovaglio’s task, and MPS fails to offer a sufficient discount to its new shares after their market cap % This year. Italy will cover % of the stock offering, but private investors must provide the remainder to avoid breaches of European regulations on state aid the rule of. “We are focused on bringing home €2.5 billion in one go within the expected timeframe,” when asked if MPS It may fall short of its biggest goals, Lovaglio said. MPS needs money in November o take advantage of early retirement laws that expire at the end of the month. Lovaglio, a respected former UniCredit executive who was hired by the Treasury after failing to sell MPS UniCredit has reached an agreement with eight banks led by Bank of America (NYSE: Pre-underwriting agreement BAC ), Citi, Credit Suisse and Mediobanca (OTC: 100MDIBY). If investor feedback is negative, the underwriters have the right to leave. A person close to the consortium said the banks would assess market conditions after Lovaglio’s investor conference in London next week. MPS’ business partner, asset management firm Anima Holding, and insurance company Axa are willing to provide funds to the Tuscan bank, said people familiar with the matter. In exchange for strengthening their commercial agreement. Lovaglio has so far not held discussions with either party as stronger commercial ties will make it harder for MPS to find a merger in the future partner to allow Roma to cut its stake. He said that Axa and Anima are welcome to invest in cash calls on the same terms as other investors. “Potential amendments to our business partnership must follow this The usual justification for a similar agreement and is in the best interest of the bank,” Lovaglio added. Anima may be willing to do make a contribution million euros, one of the people said. News of Anima’s backing boosted MPS shares and its subordinated bonds this week, which have been hit by fears of a switch to equity. ($1=1. EUR) Share FacebookTwitterPinterestWhatsApp Previous articleIMF sees further global slowdown in third quarterNext articleThis Week in Anime – Is Tokyo Mew Mew New’s Story Rushed? inewhttps://inew.news RELATED ARTICLES Economy Federal Reserve Officials Hint at Prolonged Borrowing Costs to Control Inflation September 22, 2023 Economy Colombia central bank seen holding benchmark rate at 13.25% in next meeting: Reuters poll September 22, 2023 Economy Citi warns UK staff of cuts as hundreds of roles could be affected – memo September 22, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! Please enter your email address here Website: Save my name, email, and website in this browser for the next time I comment. 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