Reuters - An alternative
rescue plan for Italy's Monte dei Paschi di Siena (BMPS.MI) sponsored by former
industry Minister Corrado Passera will fall through if the Tuscan
bank does not
give access to its data by the end of the week, a source close to the matter
said.
The source,
who spoke on condition of anonymity as talks are private, said Passera had
investors ready to invest 2 billion euros ($2.2 billion) in Italy's ailing
third-largest lender.
Monte dei
Paschi needs to raise 5 billion euros in capital and spin off its bad loans by
the end of the year to meet a request by the European Central Bank and avoid
the risk of being wound down.
The source
said Passera's proposal would no longer stand if investors he represented were
not granted access to the bank's books right away since there would not be
enough time to carry out a due diligence before a shareholder meeting on Nov.
24 called to approve the share issue.
Monte dei
Paschi was not immediately available for a comment.
Monte dei
Paschi in mid-October gave CEO Marco Morelli a mandate to analyze Passera's
proposal.
Reuters
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