UPDATE 2-Italian bank Monte Paschi sells Fiat stake

Newswire

(Writes through with share placement details) MILAN/LONDON, Jan 20 (Reuters) - Italy's Banca Monte dei Paschi di Siena has sold its 2.5 percent stake in Fiat , making it the first bank to sell shares obtained from the conversion of a 3 billion euro loan ($3.63 billion). Fiat's creditor banks last year ended up with about 27 percent of the carmaker's equity after converting the 2002 loan. Monte Paschi said in a statement on Friday that it had sold some 29 million ordinary shares, or 2.5 ...

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