Luigi Lovaglio

Money Moves

His all-share bid for Banco BPM was rejected by his own shareholders

Crédit Agricole already owns 29.6% of Banco BPM. On Nov. 9, it proposed folding its Italian subsidiary into the Milan-based lender, creating a bank with 6.5 million customers and more than 2,300 branches. Banco BPM shares jumped 11%; Crédit Agricole's fell about 1%.

Updated 2 days ago

Money Moves

Lost a shareholder vote on his defense plan on October 29; Intesa's takeover is set to proceed.

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