MPS shareholders reject merger with Mediobanca — ANSA English

In Italy, shareholders of Monte dei Paschi di Siena (MPS) rejected a proposal to merge it with Mediobanca. A total of 63.65% of the capital represented at the meeting voted against the decision, 32.91% voted in favor, while another 3.42% abstained.

Not enough votes for approval

The proposal required the support of two-thirds of the bank’s capital to be approved. However, most voting participants opposed the merger, ANSA English reports.

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MPS management’s plan

The merger was part of a plan by MPS CEO Luigi Lovaglio aimed at countering Intesa Sanpaolo’s €33 billion bid to acquire MPS. Intesa Sanpaolo urged MPS shareholders to reject the merger in light of its takeover offer.

Earlier this year, MPS acquired Mediobanca, which ANSA describes as a leading Italian merchant bank. Lovaglio’s plan also included bids to buy Italian lender Banco BPM and asset management company Banca Generali, with total costs of around €34 billion.