Deals
Italy Gets EU’s Approval to Delay Selling Stake in Paschi
- EU says sale delay is ‘acceptable’ with revised commitments
- Italy had failed to sell its stake by end of last year
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Italy won more time from the European Union to complete restructuring of Banca Monte dei Paschi di Siena SpA and sell its stake in the troubled lender, ahead of a planned 2.5 billion-euro ($2.6 billion) capital raising.
The European Commission said Tuesday that a set of revised commitments including further branch closures and divestments offered by the government “is acceptable” and adequately offsets the revision of the deadline. The EU’s executive didn’t disclose the new deadline to exit Paschi.