Shareholders at Monte dei Paschi di Siena have voted overwhelmingly in favour of a €3.9 billion state bailout of the bank that has become increasingly contentious in the run-up to national elections next month.

At the close of a rowdy seven-hour meeting, shareholders voted 98 per cent in favour of the board’s plans to request bail-out bonds from the Italian government that will help boost its capital strength.

Alessandro Profumo, chairman, added the bank “would seriously consider taking recourse to legal action against former managers”.

Shares in the bank, which had plunged over the past week, surged more than 10 per cent on what analysts said was a relief rally on shareholder agreement to the bailout and confidence in the bank’s new management. – Copyright The Financial Times Limited 2013