**Italy’s Economy Ministry Defends Share Placement in Monte dei Paschi Amid Investigation**
Italy’s economy ministry has asserted that it acted appropriately in the placement of shares in the bailed-out bank Monte dei Paschi di Siena (MPS) with two significant investors, who are now under investigation by Milan prosecutors. A Treasury official stated, “The ministry always acted in compliance with rules and standard practices.”
MPS, along with its chief executive and top shareholders, is currently facing scrutiny in Milan regarding the bank’s acquisition of Mediobanca. Judicial sources revealed that prosecutors are examining whether the two investors and the bank coordinated their actions while keeping regulatory authorities and investors uninformed.
The investors in question, Italian tycoon Francesco Gaetano Caltagirone and holding company Delfin, have denied any wrongdoing and expressed confidence that the investigation will clear their names. Following a bailout of MPS in 2017, Italy began the process of re-privatizing the bank in November 2023 by selling blocks of shares to reduce its 68% stake, fulfilling commitments made to European Union authorities. The final share placement occurred in November 2024, bringing Caltagirone, Delfin, mid-sized bank Banco BPM, and fund manager Anima on board as shareholders.
According to a judicial document reviewed, Caltagirone and Delfin informed the markets watchdog Consob that they were approached by the ministry prior to the sale regarding a plan to establish a core of stable domestic shareholders in MPS. The initial share placements attracted numerous international investment funds. The ministry also indicated to Consob that there had been no prior contacts with the investors involved in the November 2024 placement, which reduced the Treasury’s stake in MPS to below 12%, and further below 5% following the Mediobanca deal.
In summary, the Italian economy ministry maintains that its actions regarding the share placements were in line with established regulations, as investigations continue into the dealings of MPS and its investors.
**FAQ**
*What is the current status of the investigation into Monte dei Paschi di Siena?*
The investigation is ongoing, focusing on whether MPS and its investors acted in coordination while failing to inform regulatory authorities and investors.
