Monte dei Paschi cornerstones get a few more days after Renzi quits

Italy
By Jon Hay
05 Dec 2016

Banca Monte dei Paschi di Siena and the underwriters of its €5bn capital raising have agreed with the prospective cornerstone investors in the deal to push back the launch of the sale by three or four days, after the resignation of Italy’s prime minister Matteo Renzi on Sunday night.

“We were hoping to get commitments from cornerstone investors today, but to be fair to them, without a prime minister or minister of finance it’s difficult for them to make a decision,” said a source close to the deal. “So there will be a few days’ grace, and ...

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