Mediobanca's Banca Generali vote delay prevented possible defeat, sources say

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holdings in recent weeks, four sources close to the matter said.On Sunday, Mediobanca said it would delay until September 25 the vote that had been scheduled for Monday.The proposed Banca Generali acquisition was announced in April as Mediobanca strived to fend off a takeover bid by state-backed Monte dei Paschi di Siena, or MPS.MPS is expected to formally launch its hostile offer for Mediobanca, one of many takeover bids reshaping Italian finance, in July. The bid was announced in January but several months are necessary for all the required authorisations.Were it to succeed, it would cast doubt over whether Mediobanca would be able to pursue the Banca Generali acquisition.Mediobanca CEO Alberto Nagel had bet on the Banca Generali deal as an alternative to the MPS project, hoping it would also make Mediobanca too big for the smaller rival to swallow.But Mediobanca shareholders looking to thwart the Banca Generali deal have accumulated an additional combined near 11% stake in the bank with their allies in the last few weeks, one of the sources said.That tilted the odds of Monday's vote against Nagel, prompting the board of the bank to opt to delay the shareholder meeting, the sources said, declining to be named because of the sensitivity of the issue.The deal risked lacking the support of some 40% of Mediobanca's capital, including also shareholders who would have abstained, a fifth source separately said.JUDICIAL PROBEOpposition to the deal is led by Francesco Gaetano Caltagirone who has increased his Mediobanca stake to 10% from 7%, and can count on the support of UniCredit CEO Andrea Orcel.UniCredit, which faces government opposition to its own bid for Banco BPM, held 1.9% of Mediobanca ahead of Monday's vote as part of its equity trading activity. By abstaining, it would have helped the "against" front.Nagel has long faced opposition by both Caltagirone and Mediobanca's biggest investor, Delfin, the holding company of late Ray-Ban billionaire Leonardo Del Vecchio.Delfin and Caltagirone became investors in MPS when the Italian Treasury in November sold a stake in the bailed out bank.That sale is being investigated by Milan prosecutors who are probing how the process was handled.The sources said the vote postponement had also bought time to see how the criminal investigation unfolded.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5005,982.72 -50.39 (-0.84%)Dow 3042,215.80 -299.29 (-0.70%)Nasdaq19,521.09 -180.12 (-0.91%)Russell 20002,101.96 -22.17 (-1.04%)VIX21.60 +2.49 (+13.03%)Gold3,406.50 -10.80 (-0.32%)PortfolioSign in to access your portfolioSign inTop gainersCERO CERo Therapeutics Holdings, Inc. 19.83 +12.96 (+188.73%)PCT PureCycle Technologies, Inc. 14.12 +2.25 (+18.96%)WLY John Wiley & Sons, Inc. 40.72 +3.69 (+9.96%)CRK Comstock Resources, Inc. 28.86 +2.40 (+9.07%)JBL Jabil Inc. 196.89 +16.07 (+8.89%)Top losersENPH Enphase Energy, Inc. 34.92 -11.01 (-23.97%)FSLR First Solar, Inc. 143.90 -31.35 (-17.89%)BUR Burford Capital Limited 10.91 -1.73 (-13.69%)SGRY Surgery Partners, Inc. 20.33 -2.84 (-12.26%)PTON Peloton Interactive, Inc. 6.12 -0.81 (-11.76%)Most activeLCID Lucid Group, Inc. 2.1500 0.0000 (0.00%)NVDA NVIDIA Corporation 144.12 -0.57 (-0.39%)VALE Vale S.A. 9.35 -0.47 (-4.79%)F Ford Motor Company 10.42 -0.20 (-1.88%)AMD Advanced Micro Devices, Inc. 127.10 +0.71 (+0.56%)Earnings eventsTrending tickersCERO CERo Therapeutics Holdings, Inc. 19.83 +12.96 (+188.73%)ENPH Enphase Energy, Inc. 34.92 -11.01 (-23.97%)RUN Sunrun Inc. 5.78 -3.86 (-40.04%)FSLR First Solar, Inc. 143.90 -31.35 (-17.89%)CRWV CoreWeave, Inc. 171.93 +13.43 (+8.47%)Top economic events