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Paschi Investors Approve $5.3 Billion Capital Raising Plan

  • 96% of shareholders attending meeting backed capital increase
  • Bank plans to start debt-swap on Monday, share sale Dec. 7-8
Updated on

Banca Monte dei Paschi di Siena SpA shareholders backed the ailing Italian bank’s plan for a vital 5 billion-euro ($5.3 billion) capital increase at a meeting in Siena.

The capital plan was approved by 96 percent of investors attending the meeting, according to outgoing Chairman Massimo Tononi. The Italian Treasury with a 4 percent stake and Axa SA with a 3.2 holding were the biggest shareholders attending the meeting in Italy.