0718 GMT - Institutional Shareholder Services is opposed to Monte dei Paschi di Sienna's hostile takeover bid for peer Mediobanca, the proxy advisory firm says in a report. ISS recommends that shareholders of Italian bank MPS vote against the board's capital increase proposal in the context of its all-share bid for its larger peer at its upcoming extraordinary general meeting on April 17 as they are "voting on a declaration of intentions that leave little margin for error." ISS notes that MPS has no access to due diligence, no final price and no certainty of a deal closing. "It is difficult to foresee a seamless post-merger execution, and it is difficult to find successful precedents for a hostile, transformational banking merger involving entities with such a different profile," it says. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
March 31, 2025 03:20 ET (07:20 GMT)
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