Overview

• With about 78% turnout, only 35% voted in favor versus 10% against and 32% abstentions, which counted against under the passivity rule.
• Mediobanca declared the €6.3 billion exchange lapsed; the plan would have traded its roughly 13.2% Generali stake for control of Banca Generali.
• Key positions included Delfin abstaining with about 20% of capital, the Caltagirone group voting against with roughly 10%, and abstentions from pension funds, Edizione and UniCredit.
• Support for the proposal came from the consultation pact and several institutional investors including BlackRock and Unipol, aligning with proxy advisor recommendations.
• MPS’s separate exchange offer for Mediobanca stands near 19.4% acceptances and targets a minimum close to 35% by September 8 to gain de facto control.