The top shareholder in Monte dei Paschi dei Siena (BMPS.MI) is open to the idea of a merger of the troubled Italian bank with another financial group, preferably "of an international standing", it said in a document approved by its board this month. The comment is a major strategic shift for the Monte Paschi foundation, a not-for-profit body with close ties to local politicians, which now has a 33.5 percent stake in the world's oldest bank after being forced to sell down its majority holding to pay off its debts. The cash-strapped foundation, which has its Monte dei Paschi stake valued at 0.24 euros per share in its books, is seeking to reduce its holding in the bank to pay back 350 million euros of debts and has already said it will not take part in the capital increase. In the document, dated October 15 and setting out its strategic priorities through 2017, the foundation said it did not want to sell its stake "in dribs and drabs".
via Business News - Yahoo Finance http://finance.yahoo.com/news/monte-paschis-key-shareholder-open-210720408.html
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