AXA: sells almost all Monte dei Paschi stake

(CercleFinance.com) - AXA has announced that it has begun to sell 100 million shares of Banca Monte dei Paschi di Siena, i.
e. approximately 7.94% of its share capital, in a private placement by way of accelerated bookbuilding reserved for institutional investors.

As the group does not wish to be represented on Monte dei Paschi's board of directors, or to influence its long-term strategy, it considers it appropriate to sell its stake purchased through a capital increase.

The final terms of the offer are expected to be announced by 28 February. The shares' settlement and delivery is expected to take place on or about 2 March.

AXA will retain (directly or indirectly) 0.0007% of Monte dei Paschi's share capital. The offer does not affect their partnership or AXA's involvement in the Italian market.



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