Norges to oppose Monte dei Paschi takeover bids and merger plan in Italy vote
Monte dei Paschi faces investor resistance days before a shareholder meeting on chief executive Luigi Lovaglio's defence plan against Intesa Sanpaolo's takeover approach. Norges Bank Investment Management says it will vote against the bank's proposed bids for Banco BPM and Banca Generali, as well as a planned merger with Mediobanca.
Highlights
- Norges Bank Investment Management, holding 2.98% of Monte dei Paschi (MPS) at December 2025, will vote against MPS's proposed acquisitions of Banco BPM, Banca Generali, and the Mediobanca merger.
- Norges will oppose the proposed extraordinary dividend distribution from reserves but will support the MPS share buyback and the purchase of Mediobanca’s shares in insurer Generali.
- The October 29 shareholder vote on MPS’s response to consolidation pressures and defensive deals will reflect broader investor sentiment in Italy’s banking sector.
Shareholder vote positions ahead of October 29 meeting
As reported by Reuters, citing Norges Bank Investment Management, the Norwegian sovereign wealth fund manager plans to vote against Monte dei Paschi's proposed acquisitions of Banco BPM and Banca Generali. The fund, which held a 2.98% stake in MPS at the end of December 2025, also says it will oppose the proposed merger of Italian merchant bank Mediobanca into Monte dei Paschi.MPS investors meet on October 29 to vote on Lovaglio's defence strategy as the lender responds to a takeover offer from Intesa Sanpaolo. Norges also says it will vote against the proposed distribution of an extraordinary dividend from reserves.
Support for buyback and focus on shareholder returns
The fund manager says it will support the share buyback programme and the purchase of the shares Mediobanca holds in insurer Generali. Its statement says the voting decisions are based on principles under which mergers, acquisitions and other corporate transactions should maximise shareholder returns.The stance from one of MPS's institutional investors adds pressure to the bank as it seeks backing for a broader response to consolidation moves in Italy's banking sector. The vote is likely to be watched closely for signals on investor appetite for dealmaking tied to defensive strategies.
Our earlier coverage on sovereign resilience in a higher-rate environment explained how persistent geopolitical shocks and elevated fiscal spending are raising borrowing and refinancing risks for governments. It noted that emerging and frontier markets are especially exposed because debt-service costs often consume a larger share of revenues, while energy- and food-price spikes linked to ongoing conflicts can keep inflation and funding costs higher for longer.
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