Italy Starts 20% Sale of Paschi for at Least €728 Million (1)

Italy is selling about 20% of Banca Monte dei Paschi di Siena SpA for at least €728 million ($796 million), as part of its plan to divest from the bailed out lender.

Italy launched a placing of about 252 million shares through an accelerated book building, the Finance Ministry said in a statement on Monday. UBS Europe, BofA Securities and Jefferies will act as global global coordinators and joint bookrunners. Price guidance per share is €2.89 to market, according to terms seen by Bloomberg. Books were fully covered, according to terms.

Italy began the process of selling Monte Paschi last …