Norway sovereign wealth fund to back Mediobanca bid for Banca Generali
MILAN, June 11 (Reuters) - Norway's sovereign wealth fund Norges Bank said on Wednesday it would vote in favour of Italian merchant bank Mediobanca's bid for private bank Banca Generali (BGN.MI), opens new tab on June 16.
Norges Bank holds a stake of 1.45% in Mediobanca, according to LSEG data.
Mediobanca in April proposed buying Banca Generali from insurer Generali (GASI.MI), opens new tab as it seeks to stave off a buyout from Banca Monte dei Paschi (MPS) (BMPS.MI), opens new tab. It must gain shareholders' approval to pursue the deal in a meeting on June 16.
Norges Bank voted in favour of a new share issue proposed by MPS to fund its bid for Mediobanca in April.
Several institutional investors, including CalPERS, Calvert and Praxis Investment Management, have said they would vote in favour of the Banca Generali bid on June 16.
Italian tycoon Francesco Gaetano Caltagirone, a leading investor in Mediobanca, has expressed a negative view on the Banca Generali bid and is seeking a delay of the shareholder vote saying key details are still unclear.
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Daily Mail
26 minutes ago
- Daily Mail
I'm a Vinted expert and I've worked out exactly when to sell clothes to make the most money
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The Independent
38 minutes ago
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US-backed Israeli company's spyware used to target European journalists, Citizen Lab finds
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The Independent
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Lithium supplies will not keep up with demand for electric cars, experts warn
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