Latest news with #stakeSale
Yahoo
4 days ago
- 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
4 days ago
- 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.
Yahoo
5 days ago
- Business
- Yahoo
Warburg Pincus in talks to sell stake in India's SBI General Insurance, Bloomberg News reports
(Reuters) -U.S.-based private equity firm Warburg Pincus is in talks to sell its stake in State Bank of India's general insurance unit, Bloomberg News reported on Monday, citing people familiar with the matter. Warburg Pincus is negotiating with Premji Invest, the investment unit of Indian billionaire Azim Premji, and SBI, the country's largest lender, to divest its 10% stake in SBI General Insurance, the report said. The transaction could value SBI General Insurance at as much as $4.5 billion, Bloomberg News reported. Reuters could not independently verify the report. Premji Invest and SBI did not immediately respond to Reuters' request for comment, while Warburg declined to comment. Premji Invest and a Warburg Pincus affiliate bought stakes of 16.01% and approximately 10%, respectively, in SBI General in 2019, in a deal worth $432.38 million. SBI currently owns about 70% of SBI General Insurance. 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
5 days ago
- Business
- Reuters
Warburg Pincus in talks to sell stake in SBI General Insurance, Bloomberg News reports
June 23 (Reuters) - U.S.-based private equity firm Warburg Pincus is in talks to sell its stake in State Bank of India's ( opens new tab general insurance arm, Bloomberg News reported on Monday, citing people familiar with the matter. Warburg Pincus is negotiating with Premji Invest, the investment unit of Indian billionaire Azim Premji, and SBI, the country's largest lender, to divest its 10% stake in SBI General Insurance ( opens new tab, the report said. The transaction could value SBI General Insurance at as much as $4.5 billion, Bloomberg News reported. Reuters could not independently verify the report. Warburg Pincus, Premji Invest, and SBI did not immediately respond to Reuters' request for comment. Premji Invest and a Warburg Pincus affiliate bought 16.01% and 9.99% interests in SBI General, respectively, in 2019, in a deal worth $432.38 million. State Bank of India currently owns about 70% of SBI General Insurance.
Yahoo
5 days ago
- Business
- Yahoo
Warburg Pincus in talks to sell stake in SBI General Insurance, Bloomberg News reports
(Reuters) -U.S.-based private equity firm Warburg Pincus is in talks to sell its stake in State Bank of India's general insurance arm, Bloomberg News reported on Monday, citing people familiar with the matter. Warburg Pincus is negotiating with Premji Invest, the investment unit of Indian billionaire Azim Premji, and SBI, the country's largest lender, to divest its 10% stake in SBI General Insurance, the report said. The transaction could value SBI General Insurance at as much as $4.5 billion, Bloomberg News reported. Reuters could not independently verify the report. Warburg Pincus, Premji Invest, and SBI did not immediately respond to Reuters' request for comment. Premji Invest and a Warburg Pincus affiliate bought 16.01% and 9.99% interests in SBI General, respectively, in 2019, in a deal worth $432.38 million. State Bank of India currently owns about 70% of SBI General Insurance.
