Monte dei Paschi shareholders vote on exchange offer for Banca Generali
The offer, worth €8.7bn according to a report citing Reuters, was one of two share-based bids Monte dei Paschi launched in August.
Monte dei Paschi shareholders have voted on the exchange offer for Banca Generali. The bid was valued at €8.7bn, according to a report citing Reuters. It was launched on 21 August alongside a €25.3bn offer for Banco BPM, as two voluntary share-based offers.
Opposition was public before the vote. Reuters reported on 8 October that Caltagirone's holding company, which owns 10.26% of Monte dei Paschi, would vote against both bids. Il Sole 24 ORE, as relayed by a secondary report, said Norges Bank Investment Management also opposed them. At the same meeting, Il Sole 24 ORE reported, more than half of the share capital present rejected a share buyback to fund staff share schemes.
The bids were Monte dei Paschi's defence against a takeover offer from Intesa Sanpaolo. Bloomberg reported on 3 October that Intesa said its offer would lapse if Monte dei Paschi shareholders backed either bid. Intesa also raised the cash part of its offer by 25 euro cents per Monte dei Paschi share, on condition that both bids were rejected.
© Raydn · raydn.us