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European Central Bank approves Intesa Sanpaolo's Monte dei Paschi takeover

Won the MPS shareholder vote against Lovaglio's defense plan; awaiting Consob and antitrust approval.

Monte dei Paschi di Siena shareholders rejected CEO Luigi Lovaglio's defense plan on October 29, clearing the way for Intesa Sanpaolo's €33 billion takeover of the world's oldest bank. About 91% of votes cast opposed the rival offers for Banco BPM and Banca Generali.

Updated Nov 3

Notable Quotes

We manage to stabilize savings in our country and secure Generali's independence, no longer feasible once we hold more than 13%.

from European Central Bank approves Intesa Sanpaolo's Monte dei Paschi takeover · Updated Nov 3

It creates value for shareholders, local communities, and the entire country.

from European Central Bank approves Intesa Sanpaolo's Monte dei Paschi takeover · Updated Nov 3