Italian prosecutors probe government sale of Monte dei Paschi stake, sources say
MILAN, June 13 (Reuters) - Italian prosecutors are looking into the government's sale of a 15% stake in Monte dei Paschi di Siena (BMPS.MI), opens new tab last November to a small group of investors, and had police fetch documents relating to the transaction, two sources with knowledge of the matter said.
The economy ministry sold the stake through an accelerated bookbuilding (ABB) procedure.
The sources did not provide details on what part of the process is being probed.
The Treasury was looking to build a stable core of domestic shareholders in Monte dei Paschi, which it rescued in 2017 and had been returning to private hands, sources told Reuters before the November stake sale.
Banco BPM took a 5% stake, fund manager Anima Holding took 3% and construction tycoon Francesco Gaetano Caltagirone and the holding company of late Ray-Ban owner Leonardo Del Vecchio each took 3.5% of the Tuscan bank.
The ABB process was handled by Banca Akros, the investment banking unit of Banco BPM.
Banco BPM, Banca Akros and Delfin were not immediately available for a comment. A representative Caltagirone declined to comment.
The sale was carried out at a premium to market prices, which was good for taxpayers, despite the fact that fewer investors than normal were involved in the process. Usually such placements involve more bidders but offer a discount.
Previous placements of Monte dei Paschi shares by the Treasury had brought onboard dozens of foreign funds as investors.
Since the November placement, Caltagirone and Delfin have increased their respective stakes becoming the top two shareholders in Monte dei Paschi.
Italian banking is seeing a raft of takeover offers, causing upheaval in the sector. Italy's second-biggest bank UniCredit (CRDI.MI), opens new tab has bid to buy smaller rival Banco BPM, meeting opposition from the government. Banco BPM has bought Anima.
Monte dei Paschi has bid for Mediobanca (MDBI.MI), opens new tab which in turn has bid for private bank Banca Generali (BGN.MI), opens new tab.
($1 = 0.8671 euros)
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