Translated automatically by AI from the Italian original.
SIENA – A clear and unequivocal rejection by the shareholder base. The general meeting of Banca Monte dei Paschi di Siena (Mps) overwhelmingly rejected the entire strategic plan drawn up by CEO Luigi Lovaglio, conceived as a counter-move and response to the public exchange offer (Opas) launched by Intesa Sanpaolo.
The vote saw shareholders oppose almost every proposal on the agenda, both in the ordinary and extraordinary sessions, freezing the defensive line taken by the leadership of the Sienese bank.
The vote figures: collapse for share exchange offers and no to Mediobanca merger
The opposition of major investors and strategic shareholders translated into decisive percentages on all key points:
- Public exchange offers (Ops): The two operations targeting Banco Bpm and Banca Generali were swept aside with 90.9% of votes against the capital represented at the meeting.
- Merger with Mediobanca: The proposed tie-up with the Piazzetta Cuccia institution was blocked by 63.65% of no votes. On this point, the holding company Delfin (Mps’s main shareholder) had not formally committed to voting against, unlike its stance on the other agenda items.
- Governance (board of directors): The only point to secure formal approval from the meeting was the confirmation within the board of directors of Gianluca Brancadoro and Alessandro Caltagirone, who had already been co-opted onto the board on 8 September.
The weight of the shareholder base: institutional funds prove decisive
The outcome of the votes was decisively shaped by the choices of institutional investors (major investment funds, asset managers, insurers and pension funds). Among these is the US giant BlackRock, which holds 4.86%.
Banca Mps’s shareholder structure at the time of the vote is currently as follows:
- Delfin group: 17.53%
- Caltagirone group: 10.26%
- BlackRock: 4.86%
- Banco Bpm: 3.74%
- Other shareholders and market: 58.95%
