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Caltagirone Deals Blow to Monte Dei Paschi Defence Plan
FGC’s opposition follows backing from two other MPS investors for Intesa Sanpaolo’s improved €35 billion offer, adding pressure before the Oct. 29 vote.
The holding company of Italian entrepreneur Francesco Gaetano Caltagirone said today it would vote against Monte dei Paschi di Siena's (MPS) proposals to acquire Banco BPM and Banca Generali.
The public purchasing offer (OPA) formulated by Intesa Sanpaolo, the first Italian banking group, is more and more likely to succeed. Crédit agricole will not support the counter-offensive launched by the direction Monte dei Paschi di Siena (MPS).
Banca Monte dei Paschi di Siena's defense strategy against a hostile takeover bid by Intesa Sanpaolo has suffered a serious blow, as the bank's second-largest shareholder, billionaire Francesco Gaetano Caltagirone, said he did not support the CEO's counter-plan, Bloomberg reported.