MPS shares soar 7.5%

After board decision on Passera plan

MPS shares soar 7.5%

Milan, October 19 - Shares in Monte dei Paschi di Siena (MPS) bank jumped by 7.6% to 0.21 eurocents a share in trading Wednesday after the board last night confirmed plans to go ahead with a turnaround plan while also leaving the door open to a privately funded rescue led by former industry minister and former banking industry exec, Corrado Passera. Currently the troubled lender has market cap of 622 million euros, against 490 million on October 6 when its shares touched lows of 0.17 eurocents a share. MPS stock soared 12.8% yesterday on rumors of a return to the so-called "Passera plan" - which was first rejected in July - to close at 0.1954 euros a share in what is the lender's first rise since August.

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