Ops Mediobanca, Mps shareholders' meeting says yes to the increase with 86% of the votes

Green light from the Mps shareholders' meeting for the takeover bid for Mediobanca. The capital increase to service the Ops on Mediobanca was voted by 86.48% of those present. A very large majority vote, which made it possible to approve the proxy to the Board of Directors for the increase, which in the extraordinary part required the favourable vote of two-thirds of those present. Against was 11.81% of those present.

As of this morning, 73.6% of the capital was present in Siena. This was just under 75%, which was considered a 'safety' threshold for the management so that the penultimate item on the agenda, the capital increase, could pass with relative security. Opening the meeting, chairman Nicola Maione emphasised the bank's decision to hold the meeting 'in the open': 'the choice of the presence method is a sign of our bank's attention to shareholders'. Maione then added: 'Mps is a patrimony of the country, the positive results are the result of the constant commitment of the board of directors, the CEO and all our employees, men and women with a great attachment to Monte and to whom my most sincere thanks go'.

The Ordinary Shareholders' Meeting of Monte dei Paschi di Siena approved the balance sheet results for 2024. In attendance at the vote was 73.59% of the capital, with approximately 99.98% voting in favour, 0.02% against, 0.010% abstaining and 0.0001% not voting, as announced by chairman Nicola Maione.

In the meantime, as the shareholders' meeting passes, the weights in the shareholding structure are becoming more precise. Delfin and the Caltagirone group, the bank's largest private shareholders, have increased their respective holdings ahead of today's shareholders' meeting. Delfin increased its shareholding from 9.7% to 9.86% of the capital, while the Caltagirone group confirmed its strengthening, rising from 5.02% to 9.96% of the capital, thus assuming the role of Rocca Salimbeni's leading private shareholder. The shareholdings of Mef (11.73%) Banco Bpm (5%) and Anima (3.99%) remained unchanged.

The bank's top management can count on the almost certain support of around 55% of the bank's capital. For the resolution to pass, it will need the support of two-thirds of the shareholders present. A turnout of less than 75% of the capital therefore makes a vote in favour of the increase very likely. Voting in support of the increase will in fact be the main shareholders, whose representatives are present on the board that voted unanimously for the project: they are the MEF (11.7% of the capital), Caltagirone (9.96%) and Delfin (9.86%). Outside the board, but declaring themselves in favour of the recapitalisation and thus the takeover bid on Mediobanca, are Banco Bpm (5%) and Anima (4%), as well as the banking foundations (1.5%) and Algebris (1%). Favourable votes are also expected from Enpam (2%) and Inarcassa (3%). Among the funds, Pimco (1.5%) and Norges Bank (2.6%) have anticipated their positive vote, as has the California Teachers' Pension Fund, while some large US investors with small stakes (New York City Comptroller, Sba Florida, Calvert, Calstrs, Cpp Investments) will reject the operation.