Investors in Monte dei Paschi rejected the bank's defense plan against Intesa's takeover bid. Around 91% of voters turned down the proposed offers, which were valued together at nearly $40 billion.
The proposals were launched in August by the bank's CEO in an effort to fend off Intesa's planned takeover. The vote represents a significant setback for the bank's management as it contends with the rival lender's bid.
The result leaves the bank's response to Intesa's move uncertain. Further details on the next steps have not been provided in the source material.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing