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Monte Paschi Falls After Offering New Stock at Discount

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Banca Monte dei Paschi di Siena SpA, Italy’s third-largest bank, fell in Milan after setting a 35.5 percent discount on stock in its 5 billion-euro ($6.8 billion) rights offer to repay state aid and bolster capital.

Monte Paschi dropped as much as 5 percent and was down 1.5 percent to 24.72 euros at 3 p.m. The stock has increased 41 percent this year, giving the Siena, Italy-based bank a market value of 2.9 billion euros.