MILAN, Feb 28 (Reuters) – Italy’s Treasury doesn’t regard negatively a choice by French insurer AXA (AXAF.PA) to promote its 8% stake in Monte dei Paschi (BMPS.MI) as a result of it boosts free float and simplifies the state-owned financial institution’s governance construction, an individual near the matter stated.
The Treasury owns 64% of Monte dei Paschi following a 2017 bailout and should ultimately exit the Tuscan lender.
AXA on Monday offered nearly the entire stake it had acquired late final yr when it purchased right into a 2.5 billion euro rights subject at Monte dei Paschi, changing into its second largest investor after the federal government. A supply advised Reuters on Monday the stake was purchased by a number of institutional traders.
Reporting by Giuseppe Fonte; modifying by Valentina Za
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