NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Monte Paschi says knows nothing about NIT 10 billion euro offer

Published 03/11/2014, 20:03
Updated 03/11/2014, 20:10
© Reuters The entrance of the Monte dei Paschi di Siena bank headquarters is seen in downtown Siena
BMPS
-

MILAN (Reuters) - NIT Holdings Limited has proposed a 10 billion euro (7.81 billion pound) investment in Italy's Monte dei Paschi (MI:BMPS), according to a statement from an Italian public relations firm on Monday, but a spokesman for the Italian bank said it had not received any proposal.

The statement said the group, which its website says is a holding and portfolio company registered under Hong Kong law, sent its proposal through an Italian law firm in Florence.

However a spokesperson for Monte Paschi said: "We have received nothing".

Luca Capecchi, the lawyer mentioned in the statement from the public relations firm, told Reuters by telephone he had forwarded details of NIT's offer to Italian financial authorities.

Rodolfo Varano Di Camerino, who said he was an agent for NIT and whose name was passed on by Capecchi, said the offer was for at least 51 percent of MPS.

The Bank of Italy was not immediately available to comment and phone calls to phone numbers on NIT's website were not answered.

© Reuters. The entrance of the Monte dei Paschi di Siena bank headquarters is seen in downtown Siena

The market capitalisation of the bank is about 3.16 billion euros. Asked why the offer was more than three times as much, Camerino said the aim of the deal would be to strengthen the bank.

(Reporting by Francesca Landini, Silvia Aloisi and Alberto Sisto; writing by Francesca Landini and Philip Pullella)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.