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Atlante won't invest in Monte dei Paschi's recap; alternative rescue plan in development

QuaestioCapital Management, which oversees Italy's Atlante bank rescue fund, saidAtlante had no intention of investing in Banca Monte dei Paschi diSiena SpA's €5 billion capital-raising efforts, Reuters reported Oct. 9.

In April, the Italian government and banks in the countryagreed to set up theAtlante fund to help struggling lenders shore up capital and clear their balancesheets of bad loans. A second campaign to raise more funds was in early August.

Meanwhile, former Italian minister Corrado Passerais said to be working on an alternative rescue plan for the lender amid signsthat the €5 billion cash call is not attracting investor support, the newswiresaid Oct. 7, citing sources.

Private equity firms, including Warburg Pincus, arereportedly developing a plan with Passera that includes a reserved capitalincrease of up to €2.5 billion. Most foreign investors are reluctant to committo any deal involving Monte dei Paschi until the result of the Italianreferendum Dec. 4 is known, the report noted. The referendumconcerns constitutional reforms proposed by the government.