Milan

MPS closes +17.45% at 20.25 euros a share (2)

Tuscan bank recoups yesterday's losses

MPS closes +17.45% at 20.25 euros a share (2)

Milan, November 29 - Shares in Monte dei Paschi di Siena (MPS) bank soared 17.46% to close at 20.25 euros a share in Tuesday trading. Shares in what is Italy's third-largest bank by assets were suspended several times on excess volatility on the second day of a bond to share conversion programme expiring on Friday. The conversion is part of the troubled Tuscan bank's five-billion-euro recapitalization. MPS recouped losses after its shares took a beating yesterday as the bank announced that stock market watchdog Consob approved the prospectus for its offer to convert subordinated bonds into shares. The offer expires December 2, barring an extension. MPS shares were suspended on the Milan stock exchange after plunging by 7.3% to 18.55 euros a share, dragging the benchmark FTSE MIB index -1.8%. The MPS share price reflected a reverse stock split of 1 to 100, which took effect yesterday.

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