AXA Sells Most of Its Stake in Italy's Monte Dei Paschi
27 Febbraio 2023 - 6:23PM
Dow Jones News
By Mauro Orru
AXA SA is selling most of its stake in Banca Monte dei Paschi di
Siena SpA through an accelerated bookbuilding, saying it doesn't
intend to seek representation on its board or influence the
lender's long-term strategy.
The French insurer said Monday that it would retain a 0.0007%
stake in the world's oldest bank upon completion. AXA currently
owns about 7.94% of Monte dei Paschi.
"As AXA does not wish to seek representation on the board at the
bank's upcoming shareholders' annual general meeting, or influence
the bank's broader long-term strategy, AXA believes it is timely to
sell its participation purchased in the capital increase," the
company said.
Settlement and delivery of the shares is expected to take place
on or around March 2.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
February 27, 2023 12:08 ET (17:08 GMT)
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