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Investor group Clitumnus moves to buy 51 pct of Banca Pop Spoleto
January 28, 2013 / 2:01 PM / 5 years ago

Investor group Clitumnus moves to buy 51 pct of Banca Pop Spoleto

MILAN, Jan 28 (Reuters) - A group of investors said on Monday it will make an offer to buy 51 percent of Banca Popolare di Spoleto paying 2.10 euros per share for the bank, which has a market capitalization of 81 million euros.

“The offer is considered friendly,” Clitumnus, the investor group, said in a statement.

The group said it would then launch a full takeover bid for the remaining stake in the bank, a small cooperative lender based in the Umbrian town of Spoleto.

Banca Monte dei Paschi di Siena has a 25.9 percent stake in the bank.

Last October Moody’s downgraded the credit rating of the bank to highly speculative saying its deteriorating asset quality made it likely the bank would require outside support.

Reporting by Jennifer Clark, editing by Antonella Ciancio

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