The board of directors of Banco Bpm will meet in an extraordinary session on the afternoon of August 25th to discuss the public exchange offer launched by Monte dei Paschi di Siena (Mps). The meeting was not on the calendar. The agenda will have a single item, the proposal from Mps, which placed Banco Bpm back under the so-called... passivity rule, according to the newspaper Il Sole 24 Ore.
In practice, the rule limits the actions of the management of a target bank while the offer is underway. This is not the first recent time that Banco Bpm has faced this: the UniCredit offer, later withdrawn, was from November 2024. After the discussion in the board, it remains to be seen what position the directors appointed by Credit Agricole, the French partner with more than 29% of the capital, will take.
MPS has launched simultaneous offers for Banco BPM and Banca Generali, and the final decision will rest with the shareholders. So far, the only one to openly express his support is Pierluigi Tortora of PLT Holding, who is in favor of the operation. Also listed among MPS shareholders are Delfin, owned by the Del Vecchio family, businessman Francesco Gaetano Caltagirone, the Italian Treasury, and the BlackRock fund. The shareholders' meeting in Siena is scheduled for just over two months from now.
Read the original article in Italian in the newspaper. Il Sole 24 Ore .
