Monte dei Paschi cash call 93% covered but shareholders shy away
Monte dei Paschi di Siena has covered 93 per cent of its controversial €2.5bn rights issue despite a meagre take-up by the bank’s shareholders.
The Italian state contributed €1.6bn to the ailing lender’s capital raising effort, or 64 per cent of the total. Another 19 per cent was covered by a group of investors which agreed to mop up part of any unsold shares.
Other current shareholders, including retail investors, took up just 10 per cent of the cash call — the seventh MPS has gone through in the last 15 years.
This story originally appeared on: Financial Times - Author:Silvia Sciorilli Borrelli
