ISS: Shareholders should back Intesa Sanpaolo’s capital increase for the MPS offer

The proxy adviser ISS has confirmed its recommendation in favour of Intesa Sanpaolo’s capital increase in support of the public takeover bid for MPS ahead of the shareholders’ meeting on 10 September. ISS has updated its report following the announcement of the public takeover bids launched by MPS for Banco BPM and Banca Generali, further emphasising that any approval by MPS shareholders of the offers for Banco BPM and Banca Generali, and of the related extraordinary distribution, would result in certain conditions for the validity of Intesa’s offer not being met. In any case, Intesa may also waive these conditions at its discretion.