ROM (dpa-AFX) – Negotiations between the Italian government and UniCredit over the sale of the troubled Monte dei Paschi (Banca Monte dei Paschi di Siena MPS) di Siena failed. In a statement published on Sunday, it said that despite the efforts of both sides, negotiations would not continue. Bloomberg news agency had earlier reported, citing people familiar with the situation, that the talks failed due to disagreements over another capital injection to Monte dei Paschi and the business to be transferred to Unicredit.
There was disagreement above all about the recapitalization of Monte dei Paschi, as was said of the Chambers. What Monte dei Paschi will need is about 7 billion euros before the business can be transferred to Unicredit. That should be three times what the Finance Ministry had previously expected.
Unicredit and Italy have been negotiating for months the details of a complex deal that would ultimately mean the wreckage of Monte Paschi. The Italian government, which acquired the majority of the troubled bank in 2017, has to give up its stake by the end of the year at the request of the European Union. The several hundred-year-old Monte dei Paschi is considered the largest case of restructuring in the Italian banking sector.
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