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Italy: Shareholder gives Monte Paschi merger blessing

 |  October 31, 2013

The top Monte dei Paschi dei Siena shareholder is reportedly willing to consider a potential merger of the Italy-based lender as the bank looks for a way out of its financial woes, reports say.

According to a board-approved document from the bank, the firm’s top shareholder would be willing to merge as long as the deal is made with another financial company, preferably “of an international standing,” the document said.

Reports say Monte Paschi is risking nationalization unless it can finalize a $3.4 billion share sale next year.

The document obtained by reporters was dated October 15.

Full content: Reuters

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