April 14, 2014 / 11:57 AM / 4 years ago

Italy regulator bans short-selling on Popolare Milano until Tuesday

MILAN, April 14 (Reuters) - Short-selling on the shares of Banca Popolare di Milano has been temporarily banned, the Italian market regulator said on Monday after the stock fell 8 percent following a rejection of governance reforms by its shareholders.

Consob said the ban would last until the end of Tuesday’s trading session.

Proposed governance changes designed to lure new investors fell short of the two-third majority needed for approval at a shareholder meeting on Saturday, three weeks before the scheduled launch of a capital increase by the bank. (Reporting by Silvia Aloisi, editing by Danilo Masoni)

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