Monte dei Paschi Investors Reject Intesa Sanpaolo's Takeover Defense Plan
Approximately 91% of shareholders voted against measures designed to thwart a nearly $40 billion bid.
Business & Markets • 3 hours ago
Investors at Monte dei Paschi have overwhelmingly rejected a defense plan proposed by the bank's CEO, a move intended to fend off a takeover bid from Intesa Sanpaolo. The proposed offers, collectively valued at nearly $40 billion, were voted down by approximately 91% of shareholders.
The CEO had launched these measures in August in an effort to protect the bank from the planned acquisition by Intesa Sanpaolo. The significant rejection by investors signals a potential shift in the bank's strategy regarding the unsolicited offer.