ABN AMRO in Victory in Italian Bank Takeover Battle
June 8, 2005
Cleary Gottlieb is representing ABN AMRO in an ongoing battle with Banca Popolare di Lodi for control of Banca Antonveneta. The Tribunal of Padua affirmed (after written and oral discussions of all legal issues with some of the most prominent Italian lawyers and law professors) its May 21 ex parte decision overturning the election of new directors and statutory auditors of Banca Antonveneta. The Tribunal found that, in winning election of the new slate, Banca Popolare di Lodi and its allies had entered an illegal shareholders’ agreement in violation of Italian disclosure rules. The court held that management and control of Antonveneta should remain in the hands of its previous directors and statutory auditors. The decision is a victory for our client ABN AMRO in its battle for control of Antonvenuta.