MPS, Glass Lewis in favor of the rise within the service of the OPS on Mediobanca | EUROtoday

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Glass Lewis recommends the shareholders of Monte dei Paschi a vote in favor of the capital improve within the service of the OPS launched on Mediobanca, thus approving the problem of latest actions within the meeting of April seventeenth.

Manageable dangers

In a full -bodied report, the proxy Advisor acknowledges that the combination of Rocca Salimbeni with the institute of Piazzetta Cuccia “involves identifiable execution risks, in particular in terms of cultural integration and potential interruption of the Mediobanca franchising” however, on the similar time, “we believe,” we imagine that these considerations are manageable with a disciplined execution “. And also the experience of CEO Luigi Lovaglio on the M&A front “in its earlier roles at different banks, contributes to mitigating at the least a few of these dangers”.

Pulling the sums, Glass Lewis believes that MPS “introduced a coherent strategic and monetary motivation that justifies the continuation of his efforts to amass Mediobanca”, given that from the operation it would be born “a extra diversified Italian banking group, with a nationwide relevance within the retail and business banks sectors, the Wealth Management, the patron finance and the funding banking to low consumption. Capital ».

The correction of ISS

In the meantime, the opposite ISS proxy that he had suggested to vote towards the rise of MPS and that had been accused by MPS of getting made an inaccurate report needed to rectify what’s written concerning the authorized dangers: the judicial affair of the previous CEO Giuseppe Mussari and derivatives, talked about within the report as a danger on the financial institution, was actually definitively saved within the Court of Cassation in February. A judgment in favor of the financial institution that was acknowledged by ISS.