(Alliance News) - Fabrizio Palermo and Nicola Maione are poised to lead Monte dei Paschi for the next three years, barring any unforeseen developments. Their candidacies, backed by Francesco Gaetano Caltagirone, gained momentum after the board excluded former CEO Luigi Lovaglio from its own slate, leaving the shareholders' meeting to choose between multiple nominees under the new Capital Law.
As reported by Corriere della Sera on Monday, the alternative candidacy of Lovaglio, supported by Plt Holding with Cesare Bisoni as chairman, has heightened uncertainty. However, the markets have shown little appetite for this option, and Palermo has rapidly emerged as the sole viable candidate, with Corrado Passera moving to the sidelines.
The Palermo-Maione duo appears to be the frontrunner, bolstered by Caltagirone's influence, while challengers remain outsiders. Plt is targeting approximately 20% by involving various funds, while Assogestioni is traditionally limiting itself to a monitoring role. Nevertheless, the balance of power remains fluid until the April 15 shareholders' meeting, given the strategic importance of MPS, which influences Generali and the broader financial system through Mediobanca.
The landscape is complex: the Treasury still holds a 4.9% stake but intends to exit, though the timing remains unclear. The record date of April 2, the deadline for acquiring shares with voting rights, will be decisive. In the meantime, shareholders are consolidating their positions.
The role of proxy advisors such as Glass Lewis and ISS, who influence funds representing about half of the capital, will be fundamental. The composition of the slates also matters: out of 15 directors, at least six must be women, and the ranking on the list directly impacts the actual chances of election.
International funds, including BlackRock, Norges, and Vanguard (holding over 12%), will be instrumental, as will any potential guidance from the European Central Bank. Banco BPM (3.7%) will also carry weight, while the position of Delfin, the largest shareholder with 17.5%, remains uncertain and could even result in an abstention.
In such an intricate scenario, involving financial maneuvering and potential repercussions for the entire Italian banking system, questions far outnumber certainties—as is often the case where MPS is concerned.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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