Shareholders’ meeting approves partial demerger project MPS/AMCO
THE SHAREHOLDERS’ MEETING APPROVES THE PARTIAL NONPROPORTIONAL DEMERGER PROJECT WITH ASYMMETRIC OPTION OF A COMPENDIUM OF NON-PERFORMING EXPOSURES FROM MPS IN FAVOUR OF AMCO
Milan, October, 4th 2020. The Shareholders’ Meeting of AMCO – Asset Management Company S.p.A. held today in ordinary and extraordinary session – approved the project of the partial non-proportional demerger with an asymmetric option of a compendium consisting of non-performing exposures, deferred tax assets, other assets, financial debt, other liabilities and net equity (the “Demerger Project”) from Banca Monte dei Paschi di Siena S.p.A. (the “Demerged Company”) in favour of AMCO (the “Receiving Company”), also resolving on related additional matters. Today an extraordinary Shareholders’ Meeting of the Demerged Company has also been held which in turn approved, among others, the Demerger Project.
The effectiveness of the Demerger – which will be executed in accordance with the provisions of the Demerger Project approved, respectively, by AMCO and Banca Monte dei Paschi di Siena Boards of Directors on June 29th, 2020 – is subject to the conditions already communicated by the Demerged Company and the Receiving Company. This is a further step towards the completion of the Demerger, which is expected to become effective on December 1st, 2020.