Monte Paschi foundation details share pact with Fintech, BTG Pactual
MILAN, April 4 (Reuters) - The former controlling shareholder in Monte dei Paschi di Siena said on Friday it and two new Latin American investors in the Italian bank had committed to not selling their respective holdings for at least 16 months.
In a statement, the foundation detailed the shareholder pact it struck with Fintech Advisory, which has acquired a 4.5 percent stake in Monte dei Paschi, and BTG Pactual Europe, which bought 2 percent of the Tuscan bank.
The two funds would keep their stakes unchanged after a 3.0 billion euro capital increase scheduled to be launched by the bank at the end of May, the statement said, while the foundation had committed to keep a stake of 2.5 percent.
It said Fintech had committed to a 24-month lock-up period during which not to sell its shares, while for BTG Pactual the lock-up will last 16 months.
Under the pact, the foundation will have the right to propose its own candidate to be the bank's chairman among a joint slate of board nominees, while the two funds would have the right to choose the chief executive. (Reporting by Silvia Aloisi, editing by Valentina Za)
© Thomson Reuters 2016 All rights reserved.