Mediobanca Investors Reject CEO’s €7 Billion Banca Generali Bid

Mediobanca SpA shareholders rejected a €6.8 billion ($7.9 billion) proposal to acquire Banca Generali SpA, a major setback for Chief Executive Officer Alberto Nagel and his efforts to ensure his bank’s independence.

Nagel’s plan to make a bid for private banking arm of Assicurazioni Generali SpA won the support of just 35% of the votes at a meeting on Thursday, according to a statement. That’s short of the 50% plus one vote required for the proposal to pass.

Nagel had proposed the deal as he seeks to fend off a hostile takeover from smaller rival Banca Monte dei Paschi ...