AXA has sold nearly all its shares in Banca Monte dei Paschi di Siena S.p.A. (Banca MPS) to institutional investors.
According to the insurer, it divested 100 million of its 100,008,907 Banca MPS shares at a price of €2.33 per share. Now completed, the private placement by way of an accelerated book built offering will leave AXA with 0.0007% shareholding in the bank.
AXA noted in a statement: “As a long-standing joint venture partner of the bank, AXA supported the bank by participating in its most recent capital increase as a financial investment.
“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 global insurance group went on to say that the offloading does not impact its partnership with Banca MPS or AXA’s commitment to the Italian market in any way.
Listed on the regulated market of Euronext Milan, the sold shares are expected to be settled and delivered on or around March 2.
