Caltagirone opposes Monte dei Paschi defence plan
Italian investor Caltagirone announced plans to vote against Monte dei Paschi acquisition proposals. The decision undermines the bank defence strategy against Intesa Sanpaolo.
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BANCA MONTE DEI PASCHI SIENA faces an uphill battle to preserve its independence as holding company FGC announced it will vote against the lender's planned acquisitions. The setback deals a blow to Chief Executive Luigi Lovaglio ahead of the upcoming investor showdown. Major institutional stakeholders in Italy are increasingly lining up behind a rival takeover bid.
