MILAN Jan 8 Troubled Italian bank Monte dei
Paschi di Siena said on Wednesday it had sold its
stake in medical technology group Sorin, as it
continued planned asset sales to help return to profit and avoid
The world's oldest bank, reeling from derivatives losses and
weakened by years of economic crisis, said it sold its entire
stake of around 5.7 percent in Sorin for 56.3 million euros
($76.57 million), through an accelerated book-building process.
The Tuscan bank is searching for every available source of
revenue after shareholder opposition forced it to delay a 3
billion euro share sale which it needs to raise capital to pay
back billions of euros in state aid.
The capital hike, originally planned for January, has now
been delayed until the middle of the year.
If the bank cannot repay the aid by the end of the year, it
faces the prospect of nationalisation.
Italy's market watchdog has asked Monte Paschi if it will
challenge in court the decision by the main shareholder
foundation to delay the rights issue, a source familiar with the
matter said earlier on Wednesday.
Equita Sim acted as bookrunner for the sale of the stake in
($1 = 0.7353 euros)
(Reporting by Isla Binnie, editing by David Evans)