Caltagirone Group opposes MPS expansion plan to block Intesa Sanpaolo

The Caltagirone Group has announced it will vote against all items on the agenda for Banca Monte dei Paschi di Siena (MPS) during the extraordinary shareholders' meeting scheduled for October 29. This decision, made by the second-largest shareholder holding a 10.3% stake, strengthens the opposition to CEO Luigi Lovaglio’s strategic plan. Combined with opposition from Delfin and the Benetton family, the bloc against the plan now exceeds 32%.

Lovaglio’s ambitious 34 billion euro plan involves exchange offers for Banco BPM and Banca Generali, intended to increase MPS's size and deter a hostile takeover attempt by Intesa Sanpaolo. Approval of these operations requires at least a two-thirds majority. Meanwhile, Intesa Sanpaolo has indicated it may invalidate its offer if shareholders approve Lovaglio’s plan, though it has slightly increased its valuation.

In a related development, Unipol’s board has approved a capital increase of up to 2.5 billion euros. These funds are earmarked to acquire 635 MPS branches as part of existing agreements with Intesa Sanpaolo.