MPS: Lovaglio, we have a duty to look for better proposals in the interests of shareholders

(Il Sole 24 Ore Radiocor) - “We have a duty to assess every proposal and to look for better alternatives in the interests of all shareholders.” So said Luigi Lovaglio, chief executive of Monte dei Paschi, responding at a public meeting to a question about whether he was considering any counter-proposal to the takeover bid launched by Intesa Sanpaolo. He pointed out that Monte dei Paschi is currently valued at 11 euros on the stock market, whilst the capital increase in 2022 was carried out at 2 euros. During the meeting organised by the Municipality of San Casciano Bagni, Lovaglio did not answer the question as to whether the board of directors, due to meet on 16 July, would assess Intesa’s takeover bid and the merger proposal put forward by Banco BPM. Lovaglio added that he is not asking shareholders for favours, as “they are won over by transactions that create value for all stakeholders; besides, my shareholders also know that I am a person of integrity”.

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