Overview

• Francesco Gaetano Caltagirone’s VM2006 holding climbed from 7.6% to roughly 10% of Mediobanca, tightening his influence ahead of the June 16 meeting.
• The €6.3 billion public exchange offer for Banca Generali requires approval at the June 16 shareholder meeting of Mediobanca.
• Monte dei Paschi di Siena launched a counter bid on May 9 and is seeking up to 66.7% of Mediobanca’s shares to unlock tax credit benefits.
• ISS and Pirc have joined Glass Lewis in backing Mediobanca’s offer, calling it a substantial opportunity for investors.
• VM2006 formally requested a postponement of the assembly over insufficient economic disclosure, a concern shared by MPS’s CEO Luigi Lovaglio.