Allianz subsidiary Pimco supports MPS with Mediobanca acquisition - insurance industry-today

The Italian traditional bank Monte dei Paschi di Siena (MPS) receives prominent support for its intention to acquire the investment bank Mediobanca. According to financial circles, the Allianz asset manager Pimco plans at a investor meeting on Thursday to vote for the issue of new shares with which MPS wants to finance the acquisition considered hostile. If this succeeds, this should also shake the power structure of the Italian insurance giant …