Mediobanca Investors Reject Banca Generali Bid in Blow to Nagel

Mediobanca SpA shareholders rejected a proposal to acquire Banca Generali SpA in a major setback for Chief Executive Officer Alberto Nagel and his efforts to ensure his bank’s independence.

Nagel’s plan to make a bid for private banking arm of Assicurazioni Generali SpA won the support of just 35% of the votes at a meeting on Thursday, according to a statement. That’s short of the 50% plus one vote required for the proposal to pass.