Business · Companies · 12 hrs ago
MPS CEO sticks with takeover plans despite opposition ahead of vote
MPS chief executive Luigi Lovaglio is keeping his proposals for takeover offers and a merger on the agenda for a shareholder meeting on October 29.
The proposals include offers for Banco BPM and Banca Generali, plus a merger with Mediobanca.
Fondaco Lux plans to vote against all five resolutions, including the offers and the merger.
MPS directors backing Lovaglio argued that criticism from proxy advisers focused on uncertainty around the offers, while independent directors raised concerns about execution risks.
About 33% of MPS’s capital has already opposed the plans, and the offers may lack enough support to pass.
Proxy advisers ISS and Glass Lewis oppose the two offers but support the Mediobanca merger; Fondaco also views a separate offer from Intesa Sanpaolo positively for now.
Shareholders will decide at the October 29 meeting, while Fondaco says it will make a final decision on the Intesa offer after reviewing its terms.
MPS chief executive Luigi Lovaglio is sticking with plans for two takeover offers and a merger despite opposition ahead of an Oct. 29 shareholder vote.
Fondaco Lux said it will vote against all five resolutions on the meeting agenda, including the offers for Banco BPM and Banca Generali and a merger with Mediobanca.
MPS’s board did not change course on the offers, which the article says lack enough support to pass.
Lovaglio argued that proxy advisers ISS and Glass Lewis rejected the offers because of uncertainty, not because of the industrial plan itself.
Fondaco Lux said it viewed Intesa Sanpaolo’s competing offer positively in principle, but has not made a final decision on whether to accept it.
- Who
- MPS chief executive Luigi Lovaglio, Fondaco Lux and MPS shareholders.
- What
- Lovaglio is maintaining plans for two takeover offers and a merger despite opposition before a shareholder vote.
- When
- The vote is scheduled for Oct. 29, 2026. The MPS board met on Oct. 15.
- Where
- MPS, based in Siena, Italy.
- Why
- Lovaglio defended the plans, while opponents cited execution risks and concerns about the offers.
MPS chief executive Luigi Lovaglio and the board majority
MPS independent directors and other opponents
Takeover offers
MPS chief executive Luigi Lovaglio and the board majority
Lovaglio said the proxy advisers’ objections reflected uncertainty around the situation, not the industrial plan itself.
MPS independent directors and other opponents
The minority directors reiterated concerns about significant execution risks.
Shareholder vote
MPS chief executive Luigi Lovaglio and the board majority
The board majority kept the two offers on the agenda for the Oct. 29 meeting.
MPS independent directors and other opponents
Fondaco Lux said it would vote against all five resolutions, including the offers and the Mediobanca merger.
MPS’s board met and discussed the planned transactions, but did not change course on the two takeover offers.
Fondaco Lux said it would vote against all five resolutions at the MPS shareholder meeting.
MPS shareholders are scheduled to vote on the resolutions.
- Shareholder meeting
- Oct. 29, 2026
- Offers
- Banco BPM and Banca Generali
- Proposed merger
- Mediobanca
- Fondaco Lux position
- Against all five resolutions
- MPS offer threshold
- 50% of capital plus one share for both offers; the threshold is waivable for Banco BPM
- Existing opposition
- 33% of MPS capital had already come out against the plan
What people are saying
On the basis of the information publicly available as of today, it intends to vote against the proposed resolutions under items 1, 2, 3, 4 and 5 on the extraordinary meeting agenda
the industrial project underlying the offer, aimed at integrating into a larger banking group with a diversified business model, may offer favourable prospects for value creation in the medium to long term