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MPS investor Norges to oppose Monte dei Paschi's bids to buy Banco BPM and Banca Generali - Finance news and analysis from Global Banking & Finance Review
Finance

MPS investor Norges to oppose Monte dei Paschi's bids to buy Banco BPM and Banca Generali

Published by Global Banking & Finance Review

Posted on October 24, 2026

2 min read

· Last updated: October 24, 2026

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Norges to Oppose Monte dei Paschi’s Bids for Banco BPM and Banca Generali

Norges Bank Investment Management's Voting Decisions on Monte dei Paschi Proposals

MILAN, Oct 24 (Reuters) - Norges Bank Investment Management, Norway's sovereign wealth fund manager, will vote against Monte dei Paschi's proposed bids to buy Banco BPM and Banca Generali, it said on Saturday.

Stake and Merger Opposition

The fund manager, which held a 2.98% stake in MPS at the end of December 2025, will also vote against the proposed merger of Italian merchant bank Mediobanca into Monte dei Paschi, the sovereign wealth fund said on its website.

Key Upcoming Votes

  • MPS investors meet on October 29 to vote on CEO Luigi Lovaglio's defence plan against a takeover offer by Intesa Sanpaolo
  • Norges will also vote against the proposed distribution of an extraordinary dividend from reserves
Approved Initiatives
  • Its statement said it will instead approve the share buyback programme and the buyout of the shares Mediobanca holds in insurer Generali
Rationale Behind Voting Decisions

Norges Bank Investment Management said its decisions were based on its voting principles according to which "mergers, acquisitions and other corporate transactions should maximise shareholder returns"

Reporting Credits

(Reporting by Cristina Carlevaro and Gianluca Semeraro, editing by Barbara Lewis)

References

Frequently Asked Questions

Why is Norges Bank Investment Management opposing Monte dei Paschi's bids?
Norges Bank Investment Management is opposing the bids as they believe mergers, acquisitions, and other corporate transactions should maximize shareholder returns.
What percentage stake does Norges hold in Monte dei Paschi?
Norges held a 2.98% stake in Monte dei Paschi at the end of December 2025.
What other proposals is Norges voting against?
Norges will vote against the merger of Mediobanca into Monte dei Paschi and the proposed distribution of an extraordinary dividend from reserves.
What proposals will Norges support at the upcoming shareholder meeting?
Norges will support the share buyback programme and the buyout of Mediobanca's shares in insurer Generali.
When will MPS investors meet to vote on these proposals?
MPS investors will meet on October 29 to vote on these proposals and on CEO Luigi Lovaglio's defence plan.

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