A preliminary commitment by banks to underwrite Monte dei Paschi's (BMPS.MI) 3-billion euro ($4 billion) capital increase expires at the end of January, the Italian bank said in a document showing why it needs to press on with the cash call. If no capital increase is launched by that date, the pre-underwriting agreement with a pool of 10 banks would come to an end and Monte dei Paschi would have to restart negotiations to form a new consortium guaranteeing the rights issue, it said. Monte dei Paschi's board approved the capital increase earlier this week as it seeks to pay back a 4.1 billion euros state bailout and avert nationalization. Ten mostly international banks are involved in the preliminary agreement to underwrite the issue, with UBS (UBSN.VX) acting as global coordinator.
via Business News - Yahoo Finance http://finance.yahoo.com/news/monte-paschi-says-cap-increase-191419419.html
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