Kepler, Equita cast doubts on MPS winning approval on defensive plan against Intesa

By Reuters News

** Italy's Banca Monte dei Paschi BMPS.MI might not have the necessary votes to implement CEO Luigi Lovaglio's defensive plan against a takeover attempt by larger rival Intesa Sanpaolo ISP.MI, broker Kepler Chevreux and Equita say

** MPS shareholders will vote on October 29 over two proposed separate all-share bids for Banco BPM BAMI.MI and Banca Generali BGN.MI, a defensive plan aimed at repelling Intesa's approach

** Leading investors holding a third of MPS's share capital said they would vote against the plan

** "Considering the voting intentions declared by the bank's main shareholders, we consider that reaching the required two-thirds majority for the approval ... will be very difficult," says Kepler, sticking to its "hold" recommendation

** "The bank's plan mathematically does not have the numbers to be authorized and, consequently, implemented," Equita notes, which maintains a "buy" rating

** MPS said on Monday that Intesa's sweetened offer leaves the Siena bank's investors exposed to several uncertainties, while forcing them to ditch a possible alternative plan

** Out of 10 analysts that cover MPS, six rate the stock "buy," ​three rate it "hold" and one maintains a "sell" rating - LSEG data

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