Italy’s Banca Monte dei Paschi di Siena (MPS) has sold to Poste Italiane its 10.3% share in asset manager Anima Holding.
The price is of €6.80 per share for a total value of €210m, to which is to be added 2014 dividends going to MPS for a total of €5.2m.
MPS put in place a protection mechanism to shield Poste Italiane from market risk. Selling price is set on Anima’s shares average market price adjusted to daily trade volumes from the subscription date until 14 July.
The sale of the Anima share by MPS is part of the Tuscan bank is part of its capital raising plan to meet the parameters set by the ECB stress tests in November 2014.
The ECB required that MPS raise some €3bn of fresh capital.
MPS stressed that Anima will remain a strategic partner. The Tuscan bank was assisted in the deal by Citigroup and UBS, which are MPS’ financial advisers in the bank’s capital plan.
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