The extraordinary assembly of Intesa Sanpaolo, convened on September 10, is destined to approve an increase in capital linked to the offer. Positive forecasts for the vote are very strong, with estimates of a 90% 'yes' among shareholders. The recommendations of proxy advisors Iss and Glass Lewis support this direction, citing a rational strategic and financial credible basis for the increase in wealth management exposure.

However, the Consob warns against the incompatibility between the different operations launched by Mps on Banco Bpm and Banca Generali. The key question is which decision Carlo Messina will take: to modify or revoke the offer if the two Ops approve with the majority of two-thirds of the capital present on Banco Bpm and Banca Generali. The official response from Intesa must arrive by the indicated date, but the dialogue with the Consob suggests that the path will be complex.

The company has communicated that the OPA on Mps will not slow down, but the residual risk requires rigorous verification. The request for clarification from the Consob was made known by La Stampa on August 26, with a letter made known by La Stampa. The Consob asks in substance which decisions the Milanese bank could take in the case in which the extraordinary assembly of Mps approves with the majority of two-thirds of the capital present on the two Ops on Banco Bpm and Banca Generali.

The sources of FIRSTonline highlight that the OPA of the bank led by Carlo Messina 'will be able to proceed in a regular manner and without any interference from the two Ops announced by Mps'. This point is crucial for the stability of the banking system, but the Consob cannot ignore the risk that the operations announced by Mps could create conflicts of interest or inefficiencies. The ongoing dialogue between the Authority of Markets and Intesa Sanpaolo is fundamental for defining the fate of the offer.

If the extraordinary assembly of Mps approved with the majority of two-thirds of the capital present on the two Ops on Banco Bpm and Banca Generali, this could have significant consequences on the OPA of Intesa. The request for clarification from the Consob was made known by La Stampa on August 26, with a letter made known by La Stampa. The next expected developments will depend on the outcome of the extraordinary assembly of Intesa Sanpaolo and the response of Carlo Messina.

The Consob will have to verify if the operations announced by Mps on Banco Bpm and Banca Generali are consistent with the decisions made. If the extraordinary assembly of Mps approved with the majority of two-thirds of the capital present on the two Ops on Banco Bpm and Banca Generali, this could have significant consequences on the OPA of Intesa. The official response from Intesa should arrive by September 4, but the sources at work on the dossier speak of dialogues 'physiological' and that especially 'will not slow down the process in progress' of the OPA on Mps.