March 14, 2012 / 6:48 PM / 6 years ago

Banca Monte Paschi shareholder in standstill talks

ROME, March 14 (Reuters) - The controlling shareholder in Italy’s Banca Monte dei Paschi di Siena said on Wednesday it is in advanced talks to reach a deal with creditors to extend a deadline to repay debts.

The deadline is due to expire on March 15.

It also said it had sold shares in the bank on March 9, March 12 and March 13, as well as today, March 14, for a total of 2.52 percent. It did not give the price.

The Monte dei Paschi foundation, which has a 49 percent stake in the eponymous lender, is selling a 15.5 percent holding in the bank to partially reimburse 1.1. billion euros of debts.

The foundation’s 12 creditors include JP Morgan, Credit Suisse and Mediobanca.

The foundation said it reached an agreement with Credit Suisse to unblock shares in Monte dei Paschi held as collateral for loans.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below