Treasury denies fast MPS sale but sources point to an imminent move before Intesa’s offer

A contested exit

On the evening of June 28, the Ministry of Economy and Finance (Mef) flatly denied Italian press reports that it was ready to sell its residual 4.86% stake in Monte dei Paschi di Siena through an accelerated bookbuilding (ABB) procedure. Mef sources called the reconstruction “not true” and unknown to the ministry. Yet earlier in the day, Il Giornale had detailed a plan for a rapid sale and Adnkronos confirmed the outline with several financial sources, who said the Treasury could act as early as Tuesday after market close – just before a summer lull that would freeze such moves.

“We will evaluate the most opportune market window to maximize proceeds.”

The accelerating clock

A technical timing constraint hangs over the decision. According to market observers cited by Adnkronos, a “white period” begins on July 8 and runs through the end of August, during which accelerated bookbuilding would be difficult to execute. A Tuesday sale would squeeze the operation in before that window closes. Otherwise, any Treasury exit must wait until September.

Alternative routes

Beyond a fast ABB, several other avenues are being discussed, all of which would appear more gradual and less likely to draw accusations of the state acting as both referee and player in the banking consolidation. Banking foundations, the insurer Unipol (already allied with Intesa in a branch-sale agreement tied to the Opas), or institutional investors already holding Intesa shares could be enlisted. Some observers even mention a possible role for Banco Bpm.

A precedent under scrutiny

The ABB route would echo November 2024, when the Treasury sold 15% of MPS in minutes to Delfin, Caltagirone, Banco Bpm and Anima – a transaction later investigated by Milan prosecutors. Using the same mechanism now, at a moment when Intesa Sanpaolo has already filed its public tender offer prospectus with Consob, could revive questions about the Ministry’s neutrality, something Minister Giorgetti said he wanted to preserve when he appeared before the Senate banking commission on June 18.