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Monte Paschi pact shareholders to subscribe pro rata to 5 billion euro cash call
April 30, 2014 / 5:10 PM / 4 years ago

Monte Paschi pact shareholders to subscribe pro rata to 5 billion euro cash call

MILAN (Reuters) - The Monte dei Paschi foundation, former controlling investor in Banca Monte dei Paschi di Siena (BMPS.MI), said on Wednesday it had changed the terms of a pact with Fintech Advisory and BTG Pactual Europe LLP whereby the three investors would subscribe pro-rata to a 5 billion euro rights issue at the Italian bank.

A man walks on a logo of the Monte Dei Paschi Di Siena bank in Rome September 24, 2013. REUTERS/Alessandro Bianchi

The pact between the three investors was originally signed on March 31 at a time when Monte dei Paschi had penciled in a cash call of just 3 billion euros ($4.2 billion).

On April 18 the bank increased the size of the cash call to a maximum of 5 billion euros to plug any possible holes in its finances ahead of a European bank health check.

Shareholders in the pact hold 6.5 percent of the Siena-based bank. ($1 = 0.7212 Euros)

Reporting by Stephen Jewkes, editing by Isla Binnie

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