MPS: Fondaco says ‘no’ to the Lovaglio project, ‘Opas Intesa is a good move’
(Il Sole 24 Ore Radiocor) - The Luxembourg-based company Fondaco Lux SA, manager of the Global Alpha Strategy Fund – Global Diversified Alternative (of which Fondazione Roma is the main subscriber) – with its 0.41 per cent stake in MPS, will vote ‘against the proposed resolutions set out in items 1, 2, 3, 4, 5 on the agenda of the extraordinary general meeting of MPS’s shareholders’ meeting’ convened for 29 October. Fondaco Lux, according to a statement, views ‘the public takeover and exchange offer’ by Intesa Sanpaolo for Rocca Salimbeni ‘favourably, on a preliminary basis’. ‘In its view, the business plan underpinning the offer, aimed at integration into a larger banking group with a diversified business model, may offer favourable prospects for value creation in the medium to long term’. The final decision regarding whether to accept the offer “will be taken only after the publication of the offer document and an examination of the relevant terms and conditions”.
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