Banco BPM will back Monte dei Paschi's share issue for Mediobanca bid
MILAN, April 15 (Reuters) - Banco BPM (BAMI.MI), opens new tab will back a share issue proposed by Tuscan bank Monte dei Paschi di Siena (MPS) (BMPS.MI), opens new tab to fund its hostile bid for rival Mediobanca (MDBI.MI), opens new tab, a spokesperson for the Italian lender said on Tuesday.
Banco BPM, Italy's third-largest bank, holds a 5% stake in MPS, which has made a strong comeback since being bailed out by the government in 2017.
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In January MPS launched a surprise bid for Milan-based Mediobanca, with the aim of combining its own commercial network with its peer's wealth management and investment banking activities.
Banco BPM, based in the northern region of Lombardy, said it would vote in favour of issuing the necessary MPS shares in a vote scheduled on April 17, the spokesperson said.
The bank will join a core of Italian shareholders who are expected to support the project. However Thursday's vote largely hinges on the stance of dozens of international funds that invested in MPS as the state cut its stake.
Advisory group Institutional Shareholder Services has urged shareholders to reject the plan as it leaves "little margin for error", while rival Glass Lewis is in favour of it, saying MPS CEO Luigi Lovaglio's track record provides guarantees for shareholders.
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