Intesa has lodged a complaint with Consob regarding transactions announced after the public takeover bid
‘The initiative – it is emphasised – is aimed at safeguarding the integrity of the market and ensuring that all shareholders are provided with accurate information, and at highlighting, in particular, the need to comply with current legislation, with reference, amongst other things, to the so-called “passivity rule”’
“Intesa Sanpaolo has submitted today to Consob comments and observations regarding critical issues arising from transactions announced following the launch of Intesa Sanpaolo’s public takeover bid for Monte dei Paschi di Siena”. This information comes from sources familiar with the case.
‘The initiative – it is emphasised – is aimed at safeguarding the integrity of the market and ensuring that all shareholders are provided with accurate information, and at highlighting, in particular, the need to comply with current legislation, with reference, amongst other things, to the so-called passivity rule.’
On the first point, it should be noted that rumours and speculation about possible counter-moves by MPS to fend off Intesa’s bid – which had already been announced in June – had been circulating for at least since the start of the month.
Last Thursday, 20 August, Montepaschi’s board of directors was convened for an extraordinary meeting to examine CEO Luigi Lovaglio’s proposals regarding the dual bid for BPM and Banca Generali, as well as the payment of a special dividend should at least one of the two objectives be achieved.
The proposal, which was subject to the rules of the passivity rule – given that Intesa’s public takeover bid was already underway – had been approved by a majority of the board, with four of the minority directors abstaining; these were all those currently in office, with the exception of Corrado Passera, who had voted in favour.
