MILAN, Nov 29 (Reuters) – Italy’s economic system ministry on Saturday stated it had acted correctly in inserting shares in bailed-out financial institution Monte dei Paschi di Siena (MPS) with two key buyers who are actually on the centre of an investigation by Milan prosecutors.
“The ministry at all times acted in compliance with guidelines and customary practices,” a Treasury official stated.
Italy’s MPS, its chief government and its prime two shareholders are dealing with an investigation in Milan in relation to the Tuscan financial institution’s takeover of Mediobanca, judicial sources instructed Reuters on Thursday.
Prosecutors have been trying into whether or not the 2 buyers and the financial institution acted in coordination whereas holding supervisory authorities and buyers at nighttime.
MPS and the 2 shareholders, Italian tycoon Francesco Gaetano Caltagirone and holding firm Delfin, have denied any wrongdoing and expressed confidence the investigation will exonerate them.
After bailing out MPS in 2017, Italy in November 2023 began re-privatising the financial institution by inserting blocks of shares available on the market to chop its 68% holding, consistent with commitments taken with European Union authorities.
The ultimate placement came about in November 2024 and introduced onboard as shareholders Caltagirone and Delfin, alongside mid-sized financial institution Banco BPM and fund supervisor Anima .
Caltagirone and Delfin instructed markets watchdog Consob that they had been sounded out by the ministry forward of that sale in relation to a plan by the Treasury to create a core of extra steady home shareholders in MPS, a judicial doc reviewed by Reuters confirmed on Saturday.
The primary two share placements introduced in as shareholders dozens of worldwide funding funds.
The judicial doc confirmed the ministry instructed Consob there had been no earlier contacts with the buyers that took half within the November 2024 placement.
That sale lower the Treasury’s stake in MPS beneath 12%. The Mediobanca deal decreased it additional beneath 5%. (Reporting by Giuseppe Fonte and Emilio Parodi; Writing by Valentina Za; Enhancing by Andrew Heavens)
