The board of directors of Banco Bpm is expected to give its first indications regarding the double public exchange offer launched by Monte dei Paschi di Siena, at a meeting scheduled for soon, probably on Tuesday. The offers from the bank headed by Luigi Lovaglio target both Bpm itself and Banca Generali. Few expect answers from shareholders as early as the following week, which is marked by meetings that are still unofficial, reported the newspaper Il Sole 24 Ore.
The final decision will rest with the shareholders of the banks involved. The shareholders of Monte dei Paschi include Delfin, owned by the Del Vecchio family, businessman Francesco Gaetano Caltagirone, who has already expressed doubts about the merger with Banco BPM, as well as the Italian Treasury and the BlackRock fund. They will all meet in just over two months in Siena for the assembly that will vote on the joint operation. The outcome is unpredictable: the so-called passivity rule, applied to Monte dei Paschi since the beginning of June after the Intesa Sanpaolo offer, requires a two-thirds majority.
On the other hand, Intesa Sanpaolo, led by CEO Carlo Messina, is preparing a formal complaint to Consob to contest Lovaglio's actions, including his disregard for transparency and market disclosure. Crédit Agricole, a major shareholder in Bpm with a 29,30% stake, did not comment on reports of a possible open dialogue channel with the Chigi Palace.
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Read the original article in Italian in the newspaper. Il Sole 24 Ore .
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