By Helena SmolakShares of Banca Monte dei Paschi di Siena fell Tuesday after the Italian state sold a 25% stake in the world's oldest bank for 920 million euros ($1.01 billion). At 0847 GMT, Monte dei Paschi shares traded 5.3% lower at EUR2.91. The price represented a 4.9% discount to Monte dei Paschi's closing share price of EUR3.07 on Monday, but is significantly higher than the subscription price of the bank's share capital increase in November 2022, the ministry said. The ministry said it committed not to sell additional shares on the market for a period of 90 days. Write to Helena Smolak at helena.smolak@wsj.com(END) Dow Jones NewswiresNovember 21, 2023 04:16 ET (09:16 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal November 21, 2023 15:23 UTC