MPS shareholders reject CEO Lovaglio's plan to fend off Intesa Sanpaolo takeover

Monte dei Paschi di Siena shareholders dismissed a crucial aspect of CEO Luigi Lovaglio's strategy against Intesa Sanpaolo's takeover bid, rejecting an offer for Banco BPM. Over 91% voted against the proposal, with only 6.47% in favor. Lovaglio's other defensive measure, a bid for Banca Generali, is also likely to be turned down. Additionally, shareholders opposed a merger with Mediobanca, requiring two-thirds approval but receiving only 32.91% support. Intesa Sanpaolo had urged shareholders to reject the merger due to its takeover intentions.