Monte Paschi top investor sells another 6.5 percent stake, signs pact

MILAN Mon Mar 31, 2014 4:49am EDT

The entrance of Monte Dei Paschi bank headquarters is pictured in Siena January 24, 2013. REUTERS/Stefano Rellandini

The entrance of Monte Dei Paschi bank headquarters is pictured in Siena January 24, 2013.

Credit: Reuters/Stefano Rellandini

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MILAN (Reuters) - The top investor in Italian bank Monte dei Paschi di Siena (BMPS.MI) said on Monday it had sold 6.5 percent in the bank to Fintech Advisory and BTG Pactual Europe BTG.UL and had struck a shareholder pact with them for the stability of the lender.

The foundation said in a statement Fintech, a U.S.-based investment fund owned by Mexican businessman David Martinez, had bought a 4.5 percent stake.

BTG Pactual Europe, a unit of the Brazilian investment bank controlled by billionaire financier André Esteves, purchased the remaining 2 percent.

The shares were sold at a price of 0.2375 euros per share. The bank's stock rallied 10.6 percent to 0.28 euros by 0824 GMT.

The statement said the two buyers and the Monte dei Paschi foundation had committed to keeping a combined stake of 9 percent in the bank before and after a 3 billion euro capital increase due to be launched at the end of May.

(Reporting by Silvia Aloisi)

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