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PADUA, Italy (AP) - Banca Antonveneta SpA shareholders voted Saturday in favor of new board members proposed by Banca Popolare di Lodi Scarl, paving the way for a rejection of a cash takeover bid from ABN Amro Holding NV.
Popolare di Lodi, an Italian mutual bank that has spent around euro2 billion (US$2.56 billion) buying a 29.5 percent stake in Antonveneta this year, nominated 15 candidates to the target bank's board, and all of them were elected.
Antonveneta's previous board had ruled a euro6.3 billion (US$8.06 billion) cash offer from ABN Amro for the 87 percent of the bank it didn't own fair. If the new board reverses that decision, the Bank of Italy may find it easier to veto the proposed cross-border acquisition.
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