(Alliance News) - Mediobanca has decided to postpone its shareholders' meeting, originally scheduled for today, to September 25, thereby delaying the first step of its Public Exchange Offer (OPS) on Banca Generali, as reported by Il Corriere della Sera on Monday.
The decision was made yesterday during an extraordinary board meeting, taking into account that Mediobanca itself is subject to the passivity rule, as it is currently the target of a Public Exchange Offer from MPS, the newspaper adds.
The bank assures that the project remains unchanged despite the postponement. According to the institution, the market has shown broad support, but approximately 4% of the votes needed for solid approval were lacking.
Some shareholders, such as Caltagirone--holding 9.9% of Mediobanca and 7% of Generali--and Delfin with 9.9%, have requested more time and greater clarity regarding agreements with Generali, whose participation is considered essential. Edizione--2.2% of Mediobanca and 4.8% of Generali--has also reportedly expressed reservations, according to Il Corriere.
Meanwhile, new investors have come on board, including UniCredit and foreign banks such as JPMorgan.
Mediobanca expects to complete the transaction between September and October. If, in the meantime, the OPS on Mediobanca is concluded, a shareholders' vote may no longer be necessary.
By Claudia Cavaliere, Alliance News reporter
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