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EXCLUSIVE: Fortress, Elliott quit talks to buy Monte dei Paschi's bad loans -sources

Reuters  |  MILAN 

By Massimo Gaia

MILAN (Reuters) - Investment funds Fortress and Elliott have dropped out of talks to buy di Siena's bad loans, three sources said on Friday, dealing a blow to plans to secure a state bailout for the ailing Italian

Fortress and Elliott, together with Italian banking industry bailout fund Atlante, were negotiating to buy bad loans with a total face value of 26 billion euros ($29 billion) from Paschi, Italy's fourth largest and the world's oldest.

However, the sources familiar with the matter said Fortress and Elliott had backed out of the talks because an agreement over the terms of the sale could not be found. Atlante was considering whether to press on as sole buyer, they added.

Atlante declined to comment.

This month, the European Commission gave Italy a preliminary green light to rescue But the first needs a binding commitment from private buyers to take the 26 billion euros in bad loans, the sources added.

has previously said it is in exclusive talks with Atlante and other investors to reach an accord by June 28.

($1 = 0.8941 euros)

(Additional reporting by Silvia Aloisi, writing by Valentina Za; Editing by Mark Bendeich)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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EXCLUSIVE: Fortress, Elliott quit talks to buy Monte dei Paschi's bad loans -sources

MILAN (Reuters) - Investment funds Fortress and Elliott have dropped out of talks to buy Monte dei Paschi di Siena's bad loans, three sources said on Friday, dealing a blow to plans to secure a state bailout for the ailing Italian bank.

By Massimo Gaia

MILAN (Reuters) - Investment funds Fortress and Elliott have dropped out of talks to buy di Siena's bad loans, three sources said on Friday, dealing a blow to plans to secure a state bailout for the ailing Italian

Fortress and Elliott, together with Italian banking industry bailout fund Atlante, were negotiating to buy bad loans with a total face value of 26 billion euros ($29 billion) from Paschi, Italy's fourth largest and the world's oldest.

However, the sources familiar with the matter said Fortress and Elliott had backed out of the talks because an agreement over the terms of the sale could not be found. Atlante was considering whether to press on as sole buyer, they added.

Atlante declined to comment.

This month, the European Commission gave Italy a preliminary green light to rescue But the first needs a binding commitment from private buyers to take the 26 billion euros in bad loans, the sources added.

has previously said it is in exclusive talks with Atlante and other investors to reach an accord by June 28.

($1 = 0.8941 euros)

(Additional reporting by Silvia Aloisi, writing by Valentina Za; Editing by Mark Bendeich)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

image
Business Standard
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EXCLUSIVE: Fortress, Elliott quit talks to buy Monte dei Paschi's bad loans -sources

By Massimo Gaia

MILAN (Reuters) - Investment funds Fortress and Elliott have dropped out of talks to buy di Siena's bad loans, three sources said on Friday, dealing a blow to plans to secure a state bailout for the ailing Italian

Fortress and Elliott, together with Italian banking industry bailout fund Atlante, were negotiating to buy bad loans with a total face value of 26 billion euros ($29 billion) from Paschi, Italy's fourth largest and the world's oldest.

However, the sources familiar with the matter said Fortress and Elliott had backed out of the talks because an agreement over the terms of the sale could not be found. Atlante was considering whether to press on as sole buyer, they added.

Atlante declined to comment.

This month, the European Commission gave Italy a preliminary green light to rescue But the first needs a binding commitment from private buyers to take the 26 billion euros in bad loans, the sources added.

has previously said it is in exclusive talks with Atlante and other investors to reach an accord by June 28.

($1 = 0.8941 euros)

(Additional reporting by Silvia Aloisi, writing by Valentina Za; Editing by Mark Bendeich)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

image
Business Standard
177 22