Business · Companies · 16 hrs ago
Norges Bank to oppose MPS defence plan and proposed Mediobanca merger
Norges Bank plans to vote against MPS’s defence plan at the Italian bank’s shareholder meeting next Thursday.
The plan, led by chief executive Luigi Lovaglio, is intended to keep MPS independent from Intesa Sanpaolo’s offer for the bank.
Norges also opposes MPS’s proposed merger with Mediobanca, other planned deals and a €4 billion distribution to shareholders.
The fund says these transactions should maximise shareholder returns, with enough transparency and fair treatment for investors.
The MPS Foundation has backed Lovaglio’s strategy, but may consider Intesa’s offer if the plan fails to win enough votes.
Vanguard and BlackRock are expected to state their positions before the meeting; both hold larger stakes in MPS than Norges.
Italy’s antitrust chief has also said conditions may be needed to keep Intesa’s indirect stake in insurer Generali as a financial investment without influence over its decisions.
Norges Bank plans to vote against Monte dei Paschi di Siena’s defence plan and proposed merger with Mediobanca.
The Norwegian fund, which owns nearly 3% of MPS, also opposes two proposed share offers and a €4 billion distribution to shareholders.
It says corporate transactions should maximise shareholder returns and provide transparency, fair treatment and freedom from conflicts of interest.
MPS’s general foundation body has backed the bank’s strategy to resist Intesa Sanpaolo’s offer.
- Who
- Norges Bank, which owns nearly 3% of MPS.
- What
- It plans to oppose MPS’s defence plan and proposed merger with Mediobanca, as well as other agenda items.
- When
- At MPS’s shareholders’ meeting next Thursday; the article was published on 24 October 2026.
- Where
- Siena, Italy.
- Why
- Norges Bank says transactions should maximise shareholder returns and ensure transparency, fair treatment and no conflicts of interest.
Norges Bank
MPS management
Defence plan
Norges Bank
Norges Bank plans to vote against the plan to defend MPS’s independence from Intesa Sanpaolo’s offer.
MPS management
CEO Luigi Lovaglio’s plan is intended to defend the bank’s independence from the offer.
Mediobanca merger
Norges Bank
Norges Bank plans to vote against the proposed merger between MPS and Mediobanca.
MPS management
MPS has put the merger proposal to shareholders.
Corriere della Sera reported that Norges Bank intended to vote against MPS’s proposals at the upcoming shareholders’ meeting.
MPS is due to hold the shareholders’ meeting at which Norges Bank plans to vote against the proposals.
- Norges Bank’s MPS stake
- Nearly 3%
- Proposed shareholder distribution
- €4 billion
- Norges Bank’s Intesa stake
- 1.18%
- MPS shareholders’ meeting
- Thursday next
What people are saying
Mergers, acquisitions and other corporate transactions should maximise returns for shareholders.