Mps, Caltagirone and Agricole reject the Lovaglio plan

Double 'no' to the plan with which the CEO of MPS, Luigi Lovaglio, is trying to resist Intesa Sanpaolo's takeover bid.

The Caltagirone group, Monte's second largest shareholder with 13.5%, has made it known that on 29 October it will reject the Lucanian banker's proposals, as will the Praude fund, owner of 0.72% of MPS. As if that wasn't enough, Credit Agricole has put a tombstone on the Ops for Banco Bpm: "We have decided" not to confer the shares, declared their CEO, Olivier Gavalda.

The opposing front, which already includes Delfin (17.5%) and the Benettons (1.45%), thus stands at just over 33% of the capital, effectively making it impossible to approve the resolutions on the takeover bids for Banco Bpm and Banca Generali at the meeting. The Board of Directors of FGC, holding company of the Caltagirone group, decided to vote against all five points of the extraordinary part of the meeting, incorporating the assessments of the independent committee. Even Praude, which also recognizes the "great merits" of Lovaglio, will vote no and will join Intesa's takeover bid, judged to be "fair" and "convenient".

In the meantime, Unipol accelerates the 2.5 billion increase with which to finance the purchase of the MPS branches. The shares will be issued at a price of 20.56 euros, with a discount of 18.75%. The increase, which the co-ops will underwrite for half, will start on Monday. In this context, we await the decisions of Lovaglio, who has been barricaded with his advisors since Sunday to look for an alternative strategy.