Overview

• Mediobanca’s meeting recorded 35% in favor, about 10% against and 32% abstentions with 77.9% turnout, leading the bank to declare the Banca Generali offer lapsed.
• Delfin abstained with roughly 20% of capital and Gruppo Caltagirone voted no with about 10%, while other abstentions included Italian pension funds, Edizione and UniCredit.
• CEO Alberto Nagel called the outcome an “opportunity missed” and alleged conflicts of interest among certain shareholders.
• MPS’s hostile exchange offer for Mediobanca had gathered about 19.4% in pledges before the vote and remains open until 8 September, with a 35% minimum acceptance for de facto control.
• Delfin has ECB authorization to raise its MPS stake to up to 19.9%, and MPS chief Luigi Lovaglio has said he would seek a new manager to lead Mediobanca if the offer succeeds.