MILAN (Reuters) -Leading governance adviser Glass Lewis has recommended shareholders in Monte dei Paschi (MPS) back a takeover bid for Mediobanca, by approving issuing the necessary shares in a vote scheduled on April 17.
“We readily acknowledge that the proposed combination of Mediobanca with MPS carries identifiable execution risks, particularly in terms of cultural integration and the potential disruption to Mediobanca’s franchise,” it wrote in its report for MPS’ annual general meeting.
“Overall, we believe MPS has presented a coherent strategic and financial rationale to justify proceeding with its efforts to acquire Mediobanca,” it said.
(Reporting by Valentina Za, editing by Alvise Armellini)
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