Here is the rewritten story in the requested format:
Mps Shareholders Approve Two Takeovers in Siena Assembly
Mps held an extraordinary shareholders' meeting in Siena, where the 65.86% of the capital present voted to approve two takeover offers — one for Banca Popolare di Milano (Bpm) and one for Banca Generali — while the broader question of merging with Mediobanca remained unresolved.
The assembly, chaired by CEO Luigi Lovaglio, saw large institutional investors already aligned against his proposed Mediobanca merger plan. Lovaglio acknowledged the difficulty of the arithmetic, noting that he was aware of the positions of "relevant shareholders" beforehand. He also criticized Intesa Sanpaolo for its sharp reversal from initial support for the merger to advocating its failure, calling the shift "too net" and reshaping the assembly's context.
The vote on the two operations — Bpm and Banca Generali — was approved by the majority present. However, the Mediobanca merger proposal did not automatically trigger the expiration of Intesa Sanpaolo's competing offer, which the bank stated it preferred to see rejected.
Key facts:
- What: Two takeover offers (Bpm and Banca Generali) approved; Mediobanca merger remains contested.
- Where: Siena, Italy.
- Who: Mps shareholders, including major institutional investors aligned against the Mediobanca merger.
- Context: The assembly followed Intesa Sanpaolo's preventive approvals for its own acquisition of controlling stakes in Mps, intensifying competition between rival takeover bids.
