Recapitalisation of Monte Paschi: Italy sets price for its share

Milan

ITALY took the final steps to revive Banca Monte dei Paschi di Siena SpA, setting the price for its portion of the aid package needed to keep the world's oldest bank in business.

The government will pay 6.49 euros per share as part of the bank's capital raising, according to a statement from the lender. Italy earlier last week published two decrees, setting terms for a so-called precautionary recapitalisation of the bank, the bank said.