MPS: 65.9 per cent of the share capital represented at the AGM; the public offer for BPM and Banca Generali is on the table

Proceedings have begun in Siena for the ordinary and extraordinary general meeting, which is due to consider, amongst other items on the agenda, the two public offers for BPM and Banca Generali. The meeting is being chaired by the bank’s chairman, Cesare Bisoni. Seated beside him is the chief executive, Luigi Lovaglio.

As things stand, no meetings are scheduled between the managing director of MPS, Luigi Lovaglio, and the CEO of Intesa Sanpaolo, Carlo Messina. “No meetings with Mr Messina have been scheduled to date,” reads one of the responses to the written questions published by MPS ahead of the general meeting.

There is a sense of great anticipation in Siena, where employees and small shareholders are closely watching the outcome of today’s vote. A sit-in organised by CGIL, CISL and UIL has taken place outside the bank’s headquarters on Viale Mazzini. This initiative was launched ‘to reaffirm the need to safeguard the link between the bank, the local area and the communities, whilst protecting jobs, rights and the institution’s economic and social role’. For the trade unions, ‘MPS is not just a bank’ but ‘represents a fundamental part of the economic and social fabric of our region’.

A turnout of between 65 per cent and 70 per cent of the share capital is expected at the Monte dei Paschi shareholders’ meeting, which is set to decide on the future of Luigi Lovaglio’s plan. Those opposed to the extraordinary transactions can already count on the positions expressed by Delfin, Caltagirone, Edizione (owned by the Benetton family), Praude, Fondaco Lux and Norges Bank. Overall, according to indications on the eve of the meeting, the ‘no’ camp can already count on around 40 per cent of the total share capital, a stake sufficient to block the extraordinary resolutions, as this represents more than 50 per cent of the share capital present. However, the Treasury, which holds a 4.9 per cent stake, and BancoBpm, which holds 3.7 per cent and has highlighted the conflict of interest arising from its position, will not take part in the vote. In favour of the Lovaglio proposal, however, will be Plt Holding, owned by the Tortora family (1.4 per cent), which will vote in line with the support it has given Lovaglio since last April – backing his appointment as CEO – and the MPS Foundation, with 0.2 per cent. The votes of major institutional investors will also be particularly significant, including BlackRock, which is also expected to vote against the Lovaglio plan.

A turnout of between 65 per cent and 70 per cent of the share capital is expected at the Monte dei Paschi shareholders’ meeting, which is set to decide on the future of Luigi Lovaglio’s plan. Those opposed to the extraordinary transactions can already count on the positions expressed by Delfin, Caltagirone, Edizione (owned by the Benetton family), Praude, Fondaco Lux and Norges Bank. Overall, according to indications on the eve of the meeting, the ‘no’ vote could garner around 40 per cent of the share capital, a proportion sufficient to block the extraordinary resolutions. However, the Treasury, which holds a 4.9 per cent stake, and BancoBpm, which holds 3.7 per cent and has cited a conflict of interest linked to its position as the reason for its decision, will not take part in the vote. In favour of the Lovaglio proposal, however, will be Plt Holding, owned by the Tortora family (1.4 per cent), which will vote in line with the support it has given to Lovaglio since last April – backing his appointment as CEO – and the MPS Foundation, with 0.2 per cent. The votes of major institutional investors will also be particularly significant, including BlackRock, which is also expected to vote against the Lovaglio plan.