Ente Cassa di Risparmio di Firenze, the fifth-biggest shareholder in Intesa Sanpaolo SpA, sold a 0.6 percent stake in the Italian lender for 349.5 million euros ($384 million) to comply with new rules limiting foundations’ holdings in a single asset.
The non-profit foundation sold 100 million of shares in Intesa for 3.495 euros apiece in an accelerated bookbuilding managed by Goldman Sachs Group Inc., the Florence, Italy-based firm said in a statement Tuesday. CaRiFirenze, advised by Nextam Partners SIM SpA, agreed to a 30-day lockup on the remaining shares held in Intesa Sanpaolo.
CaRiFirenze holds a 2.6 percent stake in the bank after the sale. Intesa was down 3.1 percent to 3.42 euros as of 1:42 p.m. in Milan.