The MPS assembly rejects the merger with Mediobanca

The MPS assembly rejected the proposed merger between Mediobanca and Monte dei Paschi di Siena. The resolution, for whose approval two-thirds of the votes would have been needed, received the negative vote of 63.65% of the capital present, the favorable vote of 32.91% while the abstentions were 3.42%.

As a result of the rejection of the merger, the second point on the agenda of the extraordinary part, relating to the splits linked to the merger, will not be discussed, while the discussion of points 4 and 5 has been postponed, waiting to understand whether the meeting, in the extraordinary session, intends to reduce the share capital.

Prior to the vote, in the meeting the CEO Luigi Lovaglio had underlined that the shareholders were proposed "the completion of a project which saw a plebiscite at last year's MPS meeting and massive support from Mediobanca shareholders" and with respect to which "the market", in particular funds and institutional investors, "continued to clearly demonstrate a positive evaluation".

Lovaglio said he was aware that "the arithmetic of the merger would have been difficult" due to the "position of some relevant shareholders" and said he was "surprised" by Intesa's "change of direction", "initially favorable" and then "oriented not to approve it".