Glass Lewis recommends Mediobanca investors vote in favour of Banca Generali bid

(Drops word in headline, corrects day of publication in paragraph 2)

MILAN (Reuters) - Proxy adviser Glass Lewis said it had recommended Mediobanca's investors vote in favour of the merchant bank's bid for Banca Generali at a general meeting on June 16.

"The proposed offer represents a substantial opportunity for Mediobanca shareholders", it said in a report published on Wednesday.

Mediobanca proposed buying Banca Generali in April as it seeks to stave off a buyout bid from Monte dei Paschi di Siena (MPS).

Due to the MPS bid and Italian corporate takeover rules, Mediobanca must first seek shareholders' approval to pursue the Banca Generali deal and has called a meeting for June 16 to vote on the plan.

(Reporting by Gianluca Semeraro, editing by Enrico Sciacovelli)