September 13, 2018 / 10:15 AM / 2 months ago

Malacalza raises stake in Carige ahead of key shareholder meeting

MILAN, Sept 13 (Reuters) - Malacalza Investimenti has further strengthened its position as the single largest investor in Carige ahead of a shareholder meeting next week to appoint a new board at the mid-sized Italian bank.

A regulatory filing on Thursday showed the investment vehicle of local businessman Vittorio Malacalza held 27.555 percent of Genoa-based Carige as of Sept. 7. Malacalza wants to oust Carige CEO Paolo Fiorentino at the Sept. 20 meeting, while a rival group of investors is trying to keep him in the job.

Malacalza Investimenti said it could consider further raising the stake in coming months, staying below the 30 percent threshold that would trigger a mandatory buyout offer. (Reporting by Valentina Za, editing by Agnieszka Flak)

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