Latest news with #BancaAkros
Reuters
25-06-2025
- Business
- Reuters
Italy acted properly in November Monte Paschi stake placement, minister says
ROME, June 25 (Reuters) - Italy acted properly in placing a 15% stake in state-backed bank Monte dei Paschi di Siena ( opens new tab last November, Economy Minister Giancarlo Giorgetti said, after prosecutors in Milan started an investigation into the transaction. Giorgetti said he had reiterated "the absolute correctness of the work of the men and women who worked on the placement at the ministry" to a parliamentary committee on security he was addressing when asked about the probe. Italy's economy ministry sold the stake via an accelerated bookbuilding (ABB) procedure handled by Banca Akros, the investment banking unit of Banco BPM ( opens new tab. Banca Akros said multiple times it had acted "properly and transparently" in handling the sale, after the Financial Times reported that UniCredit ( opens new tab had been unable to buy a 10% stake in MPS during the placement. The Treasury cut its stake in MPS to 11.7% from an original 64% through three share placements in around a year. The November sale was aimed at building a stable core of domestic shareholders in MPS, which Italy rescued in 2017 and had been returning to private hands. Banco BPM ( opens new tab took a 5% stake in the Tuscan bank, while fund manager Anima Holding ( opens new tab took 3% and construction tycoon Francesco Gaetano Caltagirone and the holding company of the late Ray-Ban owner Leonardo Del Vecchio took 3.5% each. "The sale was carried out under the same terms as the ones previously made," Giorgetti told reporters. The minister also said the European Commission had asked Italy for details of the placement. "We are absolutely relaxed," he added. The stake placement kicked off a long expected wave of M&A activity in Italy's banking sector that has caused upheaval.
Reuters
24-06-2025
- Business
- Reuters
No large investors shut out of MPS stake placement in November, Akros says
MILAN, June 24 (Reuters) - Italy's Banca Akros, the investment bank of Banco BPM ( opens new tab, said on Tuesday that no large investors were shut out of the placement it handled in November of a 15% stake in Monte dei Paschi ( opens new tab on behalf of the Rome government. This includes UniCredit ( opens new tab, Norway's oil fund and BlackRock (BLK.N), opens new tab, Banca Akros added in a statement.
Yahoo
24-06-2025
- Business
- Yahoo
Italy's stake sale of Monte dei Paschi under EU scrutiny, FT reports
(Reuters) -The European Commission is examining the Italian government's sale of a 15% stake in Monte dei Paschi di Siena last year, following claims that large investors were shut out of the bidding process, the Financial Times reported on Tuesday. Reuters reported last week that prosecutors in Milan were also looking into the sale of a stake in the bank to a small group of investors, without providing details on what part of the process was being probed. Italy's economy ministry sold the stake via an accelerated bookbuilding (ABB) procedure to Banco BPM, fund manager Anima Holding, construction tycoon Francesco Gaetano Caltagirone and the holding company of late Ray-Ban owner Leonardo Del Vecchio. Banca Akros was the broker that handled the sale process. The European Commission is looking into the details of the stake sale, following complaints, to examine whether the process was a fair and open market transaction, the FT reported, citing two people briefed on the details. The preliminary assessment could lead to the opening of a state aid investigation, but no decision had been taken yet, the report added. UniCredit, Norway's oil fund and BlackRock were among the investors that were interested in buying shares in the bank, but were told that the bidding had been already closed by Banca Akros, the FT reported. Banca Akros said in a statement last week that in its role as global coordinator and bookrunner, it "conducted the process correctly and transparently," fully complying with applicable regulations and practices. The European Commission and Monte dei Paschi di Siena did not immediately respond to Reuters' requests for comment outside regular business hours. Banca Akros could not be reached for comment. Reuters could not immediately verify the report. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
24-06-2025
- Business
- Reuters
Italy's stake sale of Monte dei Paschi under EU scrutiny, FT reports
June 24 (Reuters) - The European Commission is examining the Italian government's sale of a 15% stake in Monte dei Paschi di Siena ( opens new tab last year, following claims that large investors were shut out of the bidding process, the Financial Times reported on Tuesday. Reuters reported last week that prosecutors in Milan were also looking into the sale of a stake in the bank to a small group of investors, without providing details on what part of the process was being probed. Italy's economy ministry sold the stake via an accelerated bookbuilding (ABB) procedure to Banco BPM ( opens new tab, fund manager Anima Holding ( opens new tab, construction tycoon Francesco Gaetano Caltagirone and the holding company of late Ray-Ban owner Leonardo Del Vecchio. Banca Akros was the broker that handled the sale process. The European Commission is looking into the details of the stake sale, following complaints, to examine whether the process was a fair and open market transaction, the FT reported, citing two people briefed on the details. The preliminary assessment could lead to the opening of a state aid investigation, but no decision had been taken yet, the report added. UniCredit, Norway's oil fund and BlackRock were among the investors that were interested in buying shares in the bank, but were told that the bidding had been already closed by Banca Akros, the FT reported. Banca Akros said in a statement last week that in its role as global coordinator and bookrunner, it "conducted the process correctly and transparently," fully complying with applicable regulations and practices. The European Commission and Monte dei Paschi di Siena did not immediately respond to Reuters' requests for comment outside regular business hours. Banca Akros could not be reached for comment. Reuters could not immediately verify the report.
Bloomberg
13-06-2025
- Business
- Bloomberg
Banca Akros Says Monte Paschi Stake Sale Was in Full Compliance
By and Sonia Sirletti Save Banco BPM SpA 's unit Banca Akros said it fully complied with the law and best practices as coordinator for the sale of an Italian government stake in Banca Monte dei Paschi di Siena SpA in November. Akros was responding to Italian media reports earlier Friday, including by Corriere della Sera, that prosecutors in Milan were looking into the finance ministry's sale of a 15% stake to a group of investors through an accelerated bookbuilding procedure.
