Mps shareholders deposit under 70% of capital, leaving two-thirds quorum for alternative plan out of reach

Monte dei Paschi (Mps) has dropped its plan to stay independent through two tender offers, on Banco Bpm and Banca Generali, as an alternative to the Opas launched by Intesa Sanpaolo. On the eve of the ordinary and extraordinary assembly, shareholders who deposited their shares directly or through the designated representative hold less than 70% of the capital, according to Radiocor. Delfin and Caltagirone, which together hold over 31% of the capital, will vote against both offers, so the two-thirds quorum needed to approve the alternative project cannot be reached.

The only remaining uncertainty concerns the vote on merging Mediobanca into Mps, which the extraordinary assembly convened by chairman Cesare Bisoni will consider. Intesa Sanpaolo has said it does not want that merger to go ahead. Delfin, with its 17.6% stake, has not committed to Intesa Sanpaolo to vote against the merger, while Caltagirone, holding 13.5%, will vote through a designated representative and oppose it. The article adds that the no vote on the Lovaglio project could gather up to 40% of the capital present at the assembly.