MILAN, April 2 A group of Italian investors is
ready to stump up over 100 million euros to take control of
small cooperative lender Banca Popolare di Spoleto,
which was put under special administration this year.
The Clitumnus group of investors said on Tuesday it would
underwrite a capital increase of up to 102 million euros.
Shares in Popolare Spoleto, in which Banca Monte dei Paschi
di Siena has a 29.5 percent stake, closed up 3.2
percent at 1.85 euros after the offer by Clitumnus.
Clitumnus offered in January to buy a 51 percent stake for
2.10 euros per share. That offer was rejected as inadequate by
the bank's main shareholder, cooperative group Spoleto Crediti e
Less than two weeks later Italian authorities appointed
special administrators to run the bank, which has a market
capitalisation of 53 million euros ($68 million), at the request
of the Bank of Italy.
Clitumnus said it was open to other investors taking part in
the capital raising.
($1 = 0.7789 euros)
(Reporting By Silvia Aloisi; Editing by David Cowell)