0820 GMT - Mediobanca's proposed takeover offer for Banca Generali has strong rationale, Equita says in a research note. The Italian bank announced a 6.3 billion-euro bid for the private bank and wealth manager which it intends to pay for with the 13% stake it holds in Banca Generali's owner, Assicurazioni Generali. The transaction is positive as it would strengthen Mediobanca's private and investment banking business model and accelerate growth in wealth management, analyst Luigi de Bellis writes. The execution risks are low given the cultural fit and visibility on synergies, he adds. The deal also makes a merger with Monte dei Paschi--which launched a hostile takeover offer for Mediobanca earlier this year--less attractive, he notes. Mediobanca shares trade flat while Banca Generali's rise 8%. Equita advised Mediobanca on this deal. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
April 28, 2025 04:21 ET (08:21 GMT)
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