Goldstone Capital Limited, a shareholder in Banca Monte dei Paschi di Siena SpA backed by Qatari investors, said it supports Intesa Sanpaolo SpA's takeover bid for the Tuscan lender, becoming the latest investor to back the deal. In a statement provided through an external PR firm, Goldstone said Intesa's offer "is in the best interests of the shareholders as a whole and preferable to any proposed alternatives over the long term."
The fund is "ultimately owned by a private Qatari investor," according to the statement, which did not identify that investor or disclose the size of Goldstone Capital's stake. According to people familiar with the matter, Goldstone has built a stake of between 1% and 2% in Monte Paschi, placing it among the lender's top 10 investors.
The backing adds to opposition to Monte Paschi Chief Executive Officer Luigi Lovaglio's plan to pursue acquisitions of Banco BPM SpA and Banca Generali SpA, increasing the chances that Monte Paschi will be taken over by Intesa. So far, billionaire Francesco Gaetano Caltagirone and holding firms Delfin Sarl and Edizione have voiced opposition to the plans. Together, the three investors control more than 32% of Paschi's capital.
Goldstone's stake could push that total across the one-third threshold needed to vote down the CEO's proposal. Lovaglio's plan will be discussed at a shareholder meeting on Oct. 29.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing