September 20, 2019 / 9:30 AM / a month ago

Carige commissioner says 47.5% of voting capital present at shareholder meeting

GENOA, Sept 20 (Reuters) - Investors representing 47.5% of Carige’s voting capital are present at a meeting called on Friday to approve a 900 million euro package to save the Italian lender from liquidation, one the bank’s temporary administrators said.

Such an attendance would be insufficient to push the plan through if Carige’s top shareholder, the billionaire Malacalza family, voted against it with its 27.5% stake. It was not clear however if the Malacalzas were present at all at the meeting.

Their absence would likely allow the plan to be approved.

In December the Malacalzas deraile rescue efforts by blocking a 400 million euro ($442 million)cash call and prompting the European Central Bank to place Carige under special administration.

$1 = 0.9053 euros Reporting by Andrea Mandalà, writing by Giulio Piovaccari, editing by Valentina Za

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