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Fondazione MPS does not expect to play bigger role in Monte dei Paschi’s future -Breaking

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© Reuters. FILE PHOTO: Banca Monte dei Paschi’s headquarters in Siena, Italy, October 27, 2017. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters – Fondazione MSS (Monte dei Paschi) was the previous controlling shareholder. The bank has ruled it out of any future role.

Fondazione MSS President Carlo Rossi said at a press conference that “nobody” in Italy was upset by the failure of talks between UniCredit (the Treasury) and Monte dei Paschi.

The foundation’s holdings in MPS have fallen to zero after it had spent all its money to help the bank fail over the years. This is a drastic change from the two-thirds of a century ago.

Rossi stated that “I don’t believe there is any chance we could play an alternative role in MPS’ future than we are now.”

Rossi indicated that “an effort to the imagination” is now required in order to create a future MPS. He added that no other buyers were available.

“It would not be a smart idea to continue the UniCredit path and seek out another white knight,” said he.

The valuation was an obstacle in the negotiations but it is difficult to find another private buyer that could satisfy the ministry’s requirements… except maybe a foreign participant wanted to pay a premium for entry to the Italian markets.” he said.

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