Rome, 19 August (LaPresse) – MPS Chief Executive Luigi Lovaglio may present a dual takeover bid to the bank’s board of directors, targeting Banco BPM and Banca Generali. The rumour is reported by *Il Sole 24 Ore*, according to which Lovaglio is said to be putting the “finishing touches” to a proposal to present to the board of directors two “extraordinary transactions” as alternatives to the public takeover and exchange offer launched in recent months by Intesa Sanpaolo in agreement with the Unipol Group. The business and finance newspaper reports that, at present, the MPS board of directors has not yet been informed, although directors closest to the chief executive have been alerted to a possible, imminent meeting. According to the newspaper, as regards BPM, it remains to be seen whether the public offer will prove feasible, particularly given the veto announced by the bank’s largest shareholder, the French bank Crédit Agricole. The second transaction would involve a public offer for Banca Generali – a move that the then chief executive of Mediobanca, Alberto Nagel, attempted to defend his bank against an attack by Monte dei Paschi. In this specific case, any takeover bid could only go ahead with the agreement of the parent company, Generali. According to *Il Sole*, Lovaglio could play a ‘wild card’: the sale, in whole or in part, of the 13 per cent stake in Generali that he controls via Mediobanca, provided he manages to overcome the constraints imposed by the passivity rule and the approvals required from the board of directors and various shareholders’ meetings.
MPS: Lovaglio is considering a surprise move involving dual share offerings for BPM and Banca Generali
Rome, 19 August (LaPresse) – MPS Chief Executive Luigi Lovaglio may present a dual takeover bid to the bank’s board of directors, targeting Banco BPM and Banca Generali. The rumour is reported by *Il Sole 24 Ore*, according to which Lovaglio is said to be putting the “finishing touches” to a proposal to present to the board of directors two “extraordinary transactions” as alternatives to the public takeover and exchange offer launched in recent months by Intesa Sanpaolo in agreement with the Unipol Group. The business and finance newspaper reports that, at present, the MPS board of directors has not yet been informed, although directors closest to the chief executive have been alerted to a possible, imminent meeting. According to the newspaper, as regards BPM, it remains to be seen whether the public offer will prove feasible, particularly given the veto announced by the bank’s largest shareholder, the French bank Crédit Agricole. The second transaction would involve a public offer for Banca Generali – a move that the then chief executive of Mediobanca, Alberto Nagel, attempted to defend his bank against an attack by Monte dei Paschi. In this specific case, any takeover bid could only go ahead with the agreement of the parent company, Generali. According to *Il Sole*, Lovaglio could play a ‘wild card’: the sale, in whole or in part, of the 13 per cent stake in Generali that he controls via Mediobanca, provided he manages to overcome the constraints imposed by the passivity rule and the approvals required from the board of directors and various shareholders’ meetings.