Legal teams at Intesa Sanpaolo are reportedly preparing a formal complaint to Consob, the Italian market regulator, as a first countermeasure to the double takeover bid launched by Monte dei Paschi di Siena for Banca Generali and Banco BPM. The lawyers are said to be working on observations aimed at market integrity and ensuring accurate information is provided to all shareholders, according to the newspaper Il Messaggero.
Among the points analyzed is the schedule for convening the extraordinary general meeting of Monte, scheduled for October 29. The Siena-based bank is subject to the call. passivity rule Since June 8, when Intesa Sanpaolo announced its public takeover and exchange offer, the rule limits the target company's movements during an offer. Monte's board of directors was divided over the statement released to the market.
The Sole 24 Ore revealed that Consob sent a letter to Monte's leadership and the chairman of the supervisory board requesting transparency regarding potential integration operations with Banco BPM. According to the newspaper, the decision was made not to communicate anything to the market. In the political arena, the Minister of Foreign Affairs and Deputy Prime Minister, Antonio Tajani, told Messaggero that politics should stay out of market operations.
Read the original article in Italian in the newspaper. The messenger.
