Consob finds secret Pop Lodi shareholder pact

Regulator forces second Antonveneta bid after bank breaches 30% rule

Consob, the Italian financial regulator, today forced Banca Popolare di Lodi to launch a full takeover for larger domestic rival Antonveneta after discovering it had built an undisclosed stake of more than 30%. Pop Lodi immediately sought to reverse Consob's ruling.

Antonveneta is already subject to a €6.3bn ($8.1bn) bid from the Netherlands bank ABN Amro which complained to the regulator claiming Pop Lodi had been acting in concert with other shareholders to build a substantial stake.

WSJ Logo
Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With TrumpExternal link

Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With Trump