Mediobanca has decided to speed up the shareholder voting process for its Banca Generali acquisition proposal because investors need to choose between different takeover options quickly.
The vote has been rescheduled to August 21 after its initial postponement in June and its subsequent shift from the previously planned September date. The bank plans to establish Italy’s second-largest wealth management company while fighting against state-backed Monte dei Paschi di Siena (MPS) takeover attempts.
The bank asserts that its proposal delivers a distinct advantage over MPS’s proposal which it deems completely unsuitable from both financial and strategic perspectives. Under the proposed plan Mediobanca would exchange its 13% stake in Generali’s parent company insurer Generali for Banca Generali’s shares. Generali has expressed its willingness to consider the proposal.
Caltagirone Group which holds a leading position among Mediobanca shareholders opposes the fast-tracked voting process because essential details about the proposed distribution agreement remain absent and could grant the board unrestricted authority.
Mediobanca stated that the agreement would duplicate the current Generali-Banca Generali accord which Caltagirone already understands because he owns Generali shares.
