Equinox Mulls Banca Monte dei Paschi di Siena Stake

Private equity fund Equinox said on Tuesday it was interested in buying an “important” portion of the 15% stake in Banca Monte dei Paschi di Siena that its core shareholder is selling, Reuters reported Tuesday. The Monte dei Paschi banking foundation that owns 49% of Italy’s No. 3 lender is selling a stake of up to 15% in Monte Paschi, in a move that will allow it to cut debt but still block any hostile bid, Reuters wrote.

(Reuters) – Private equity fund Equinox said on Tuesday it was interested in buying an “important” portion of the 15 percent stake in Banca Monte dei Paschi di Siena that its core shareholder is selling.

“We have always been interested. We have an industrial project,” Equinox head Salvatore Mancuso said on Tuesday on the sidelines of an event.

Asked about timing of a possible deal, he said: “This depends on the foundation. But time is tight”.

The Monte dei Paschi banking foundation that owns 49 percent of Italy’s No. 3 lender is selling a stake of up to 15 percent in Monte Paschi, in a move that will allow it to cut debt but still block any hostile bid. (Reporting By Andrea Mandala)