Mediobanca weighs postponing Monday's investor vote on Banca Generali, source says
MILAN, June 15 (Reuters) - The board of Italy's Mediobanca (MDBI.MI), opens new tab is meeting on Sunday morning to consider postponing Monday's shareholder meeting to vote on its bid for Banca Generali (BGN.MI), opens new tab after some investors requested more information, a source close to the matter said.
Mediobanca in April proposed buying Banca Generali from insurer Generali (GASI.MI), opens new tab as Mediobanca itself seeks to stave off a buyout by Banca Monte dei Paschi (MPS) (BMPS.MI), opens new tab.
Due to the MPS bid and Italian corporate takeover rules, Mediobanca must secure shareholders' approval to pursue the Banca Generali deal.
Under the deal, Mediobanca has said it would sign a partnership agreement with Generali to distribute insurance and asset management products.
Italian tycoon Francesco Gaetano Caltagirone, a major shareholder in Mediobanca with a nearly 10% stake and also an investor in MPS, has criticised the industrial rationale of the Banca Generali deal and has called on Mediobanca's board to delay the shareholder vote until the partnership agreement with Generali is finalised.
The source, speaking on condition of anonymity, said some other investors had praised the deal, but also requested more information on the potential partnership agreement.
Italian daily la Repubblica first reported the possible delay on Sunday.
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