The Mediobanca Assembly rejected the OPS on Banca Generali, the defensive operation from the offer of the Monte di Paschi attempted by the CEO Alberto Nagel, who came out defeated by the match.
He was unable to coagulate the majority of members with the result that Mediobanca officially announces that the offer has now lapsed. “A missed opportunity – Nagel immediately accused – as a result of the vote expressed, in particular, by shareholders who, also in the engagement activity, have expressed an evident conflict of interest, putting that relating to other Italian situations/assets to that of Mediobanca shareholders”.
The appointment, which took place behind closed doors without anyone on site, was present 78% of the capital. Through the designated representative Dario Trevisan, remotely, 35% of the capital voted in favor of the board of directors to execute the public exchange offer. Instead, he said no 10%, basically the Caltagirone group.
To move the balance of the scale and to decree the stop were the members who chose to participate and then abstained, aware that it would have been considered a vote against: the abstention front reached 32% of the capital.
The Delfin of the heirs of Leonardo Del Vecchio was abstained in the first instance with his 20% in Piazzetta Cuccia and partner, such as Francesco Gaetano Caltagirone, also of Mps and Generali. In the environments close to holding, the perplexities more on the “anomalous” methods of execution than on the rational of the operation were wanted to underline the perplexities. They also chose to refrain the social security speakers, that is to say ENASARCO, ENPAM and Forensic Cassa with 5% overall. Abstains, unique among institutional investors, Anima and Amundi, who are headed by two protagonists of the current bank Risiko – respectively Banco Bpm and its French shareholder Credit Agricola -, as well as the Italian Fund TAGES with 1%: in total 3%. Then abstention of the Holding edition of the Benetton and Unicredit, with quotas of 2% each. Unipol did not participate, which has already demobilized its share of almost 2%.
After the initial movement of the assembly on Banca Generali on 25 September compared to 16 September when the Compagnia delle Coop was sold, he was among the few ready to vote for the OPS on the Leone subsidiary. The Green Disco of the ECB in MPS also in case of 35% memberships then completely convinced the group led by Carlo Cimbri that the match against Siena was in fact already closed. Instead, Nagel has now been able to count on the support of institutional investors, especially foreign, who voted yes with 25% of the capital following the advice of the proxy advisor, and private shareholders, equal to 10%, largely adhering to the consultation pact.
Their vote was not enough and in the face of the outcome of the Mediobanca Assembly he took note of it and declared the offer on Banca Generali faded. For the managed savings company, which lost 2.8% on the stock exchange, Piazzetta Cuccia had put the 13.1% share on the plate in generals with the aim of creating a leading Wealth Manager. In talking about ‘missed opportunity and’ shareholders in conflict of interest ‘Nagel stressed: “We will continue to be focused on the execution of our’ One Brand – One Culture ‘plan convinced of the superior generation of value compared to the alternative represented by the offer of MPS”.
The banker intends to remain in his place, even if the CEO del Monte, Luigi Lovaglio, has already announced its dismissal when the offer of Siena will go to the port, which closes on September 8th except for a relaunch or a postponement. The decision to set the Assembly on Banca Generali on August 21 was motivated instead by the landing of the ECB, then arrived, on August 18 and by the fact that Consob would have had 5 days from that date to approve the prospectus.