Italy sold about 25% of Banca Monte dei Paschi di Siena SpA for approximately €920 million ($1 billion) as part of its plan to divest from the bailed out lender.
Italy sold 314.9 million shares for €2.92 apiece, the Finance Ministry said Monday in a statement. Paschi shares closed earlier at €3.07 in Milan. The size of the offering was increased from a 20% stake because of strong demand, according to the statement.
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