Finance
Italy's stake sale of Monte dei Paschi under EU scrutiny, FT reports
Published by Global Banking & Finance Review®
Posted on June 24, 2025
2 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on June 24, 2025
2 min readLast updated: January 23, 2026
The EU is investigating Italy's sale of a 15% stake in Monte dei Paschi amid claims of unfair bidding. The process, managed by Banca Akros, may lead to a state aid investigation.
(Reuters) -The European Commission is examining the Italian government's sale of a 15% stake in Monte dei Paschi di Siena last year, following claims that large investors were shut out of the bidding process, the Financial Times reported on Tuesday.
Reuters reported last week that prosecutors in Milan were also looking into the sale of a stake in the bank to a small group of investors, without providing details on what part of the process was being probed.
Italy's economy ministry sold the stake via an accelerated bookbuilding (ABB) procedure to Banco BPM, fund manager Anima Holding, construction tycoon Francesco Gaetano Caltagirone and the holding company of late Ray-Ban owner Leonardo Del Vecchio. Banca Akros was the broker that handled the sale process.
The European Commission is looking into the details of the stake sale, following complaints, to examine whether the process was a fair and open market transaction, the FT reported, citing two people briefed on the details.
The preliminary assessment could lead to the opening of a state aid investigation, but no decision had been taken yet, the report added.
UniCredit, Norway's oil fund and BlackRock were among the investors that were interested in buying shares in the bank, but were told that the bidding had been already closed by Banca Akros, the FT reported.
Banca Akros said in a statement last week that in its role as global coordinator and bookrunner, it "conducted the process correctly and transparently," fully complying with applicable regulations and practices.
The European Commission and Monte dei Paschi di Siena did not immediately respond to Reuters' requests for comment outside regular business hours. Banca Akros could not be reached for comment. Reuters could not immediately verify the report.
(Reporting by Devika Nair in Bengaluru; Editing by Mrigank Dhaniwala and Anil D'Silva)
The European Commission is examining the Italian government's sale of a 15% stake in Monte dei Paschi di Siena to determine if the process was a fair and open market transaction.
The stake was sold to Banco BPM, Anima Holding, and Francesco Gaetano Caltagirone, among others, while larger investors like UniCredit and BlackRock were reportedly shut out.
The preliminary assessment by the European Commission could potentially lead to the opening of a state aid investigation regarding the stake sale.
Banca Akros stated that it conducted the stake sale process correctly and transparently, fully complying with applicable regulations.
The investigation could have significant implications for Monte dei Paschi, especially regarding compliance with EU regulations and potential state aid issues.
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