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11 November 2013

Reuters: Italian bank Monte Paschi submits restructuring plan to EU


The European Commission said it had received Italian bank Monte dei Paschi di Siena's restructuring plan, which needs the EU's approval for a €4.1 billion state bailout.

Separately, an EU source told Reuters the Commission was expected to give its go-ahead to the plan, which includes a €2.5 billion share issue in 2014, by the end of the month.

The timing of the EU approval is important because Monte dei Paschi needs it before it can convene a shareholder meeting to vote on the planned rights issue.

Given that the minimum notice period for shareholder meetings in Italy is 30 days, the bank would need the EU greenlight in the next 10 days or so if it is to get the capital increase approved by its own investors before the Christmas holidays.

Full article



© Reuters


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