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Report: Banca Carige shareholder might veto sale of large stake to Apollo

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Report: Banca Carige shareholder might veto sale of large stake to Apollo

BancaCarige SpA shareholder Vittorio Malacalza, whose affiliates areexpected to occupy most of the seats on the bank's new board of directors,could veto Apollo Management International LLP's possible of a large stake in the Italianlender, MF reported March 31.

According to the newspaper, the capital increaseproposed by Apollo GlobalManagement LLC's London-based unit would dilute the shareholding ofthe Malacalza family — which owns 17.6% of Banca Carige — to the point that itwould lose between €160 million and €200 million. Malacalza is thereforereportedly exploring other options to improve the lender's capital position,for instance the use of the Italian state guarantee on the securitization ofnonperforming loans.

MF added that the ECB approves of Apollo's offer and expects Banca Carigeto submit a new business plan by the end of May, which may not happen becausethe new board is likely to need time to consider Apollo's proposal and possiblealternatives.

According to the newspaper, 10 of the 16 members ofBanca Carige's new board of directors, which will be elected March 31, areexpected to be affiliates of Malacalza, who will be appointed the bank's vicechairman.