October 19, 2016 / 7:25 AM / a year ago

Monte dei Paschi up 9 pct on alternative rescue plan

MILAN, Oct 19 (Reuters) - Shares in Banca Monte dei Paschi di Siena rose more than 9 percent in early trade on Wednesday after the troubled lender kept the door ajar to an alternative rescue plan presented by former industry minister Corrado Passera.

Following a board meeting on Tuesday, the Tuscan lender said it would press ahead with a JP Morgan-led rescue plan, envisaging a 5 billion euro ($5.5 billion) recapitalisation and a sale of non-performing loans. It then added that it would keep analysing Passera’s proposal.

“The stock is clearly rising because they haven’t yet rejected the Passera plan,” a Milan-based trader said.

By 0713 GMT, the stock was up 8.2 percent at 0.2112 euros, compared with a 0.2 percent fall in Milan’s blue-chip index.

Reporting by Stephen Jewkes, writing by Agnieszka Flak

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