1007 GMT - Mediobanca's bid for Banca Generali could be motivated by growth but also by defense as it tries to fend off an unsolicited approach from Monte dei Paschi di Siena, ING says in a research note. "We consider a lower likelihood of a MPS takeover a positive for the bank's spreads," credit analyst Suvi Planterink Kosonen writes. The Italian bank has rejected the takeover bid and aims to grow its wealth-management business with this deal of its own. The interesting aspect of the transaction is that Mediobanca seeks to finance it with the stake it owns in Assicurazioni Generali--which is the majority owner of Banca Generali--turning the relationship with the insurer from an industrial to a financial one, she adds. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
April 28, 2025 06:07 ET (10:07 GMT)
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