Mediobanca AGM KOs Bid for Banca Generali

Milan: Mediobanca’s annual general meeting on Thursday failed to approve the board’s announced takeover bid for Banca Generali. The shareholders’ meeting of Italy’s premier merchant bank rejected the public exchange offer for Banca Generali, said a statement released at the end of the meeting, with shareholders voting through their designated representative.

According to Ansa News Agency, votes in favor of the transaction, sought by CEO Alberto Nagel, were 35%, those in opposition were 10%, and abstentions accounted for 32% of the share capital. The merger would have created Italy’s biggest wealth manager.