Troubled Italian lender Banca Monte dei Paschi di Siena (BMPS.MI) was forced to push back to Saturday a shareholder meeting set to decide on a vital capital increase because not enough investors showed up on Friday. Chairman Alessandro Profumo said only 49.3 percent of shareholders turned up to attend the meeting on Friday, below the 50 percent plus one quorum needed for it to go ahead. The meeting is widely expected to delay to mid-2014 a 3-billion euro ($4.1 billion) capital increase the five-century-old bank needs to pay back state aid and avert nationalization. Monte Paschi's management, led by Profumo and CEO Fabrizio Viola, would like to launch the rights issue as early as January and has asked shareholders to approve it at this week's meeting.
via Business News - Yahoo Finance http://finance.yahoo.com/news/monte-paschi-reconvenes-vote-cash-100142408.html
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