Shares in troubled Tuscan
lender Monte dei Paschi di Siena (MPS) surged 11.2% on the Milan
bourse Thursday amid rumours American global investment
management corporation BlackRock may take a stake in Italy's
third-biggest and the world's oldest bank.
The rise, powered by trading of 5.7% of the bank's capital,
took the share price to 0.23 euros, its highest since September
12.
The Siena-based bank's market capitalisation rose to 671
million euros, against 490 million on October 6 when its shares
touched lows of 0.17 euros a share.
Also feeding the rise, analysts said, were expectations
stemming from the upcoming business plan, to be unveiled on
Monday.
MPS shares have been rising for the first time since early
September after its board on Tuesday night confirmed plans to go
ahead with a turnaround plan while also leaving the door open to
a privately funded rescue led by former industry minister and
former banking industry executive Corrado Passera.
The Passera plan was first rejected in July.
It would be an alternative to MPS's current, European
Central Bank-approved turnaround plan involving a
five-billion-euro capital increase and the securitization of 10
billion euros' worth of non-performing loans (NPLs) with help
from Italy's private Atlante fund.
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