By Mauro Orru

AXA SA is selling most of its stake in Banca Monte dei Paschi di Siena SpA through an accelerated bookbuilding, saying it doesn't intend to seek representation on its board or influence the lender's long-term strategy.

The French insurer said Monday that it would retain a 0.0007% stake in the world's oldest bank upon completion. AXA currently owns about 7.94% of Monte dei Paschi.

"As AXA does not wish to seek representation on the board at the bank's upcoming shareholders' annual general meeting, or influence the bank's broader long-term strategy, AXA believes it is timely to sell its participation purchased in the capital increase," the company said.

Settlement and delivery of the shares is expected to take place on or around March 2.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

February 27, 2023 12:08 ET (17:08 GMT)

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