1104 GMT - Mediobanca's proposed takeover of Banca Generali, which it intends to pay for with its 13% shareholding in its parent Assicurazioni Generali, realizes more value from its stake than is currently recognized by the market, Morgan Stanley says in a note. Analysts calculate a 20% return on tangible equity from the combination of the Italian financial services group and the smaller private bank with a 5% earnings per share accretion on 2027 estimates. The deal evidences a coherent strategic fit compared with the alternative, which is a merger with Monte dei Paschi given the current offer on the table, Pamela Zuluaga and Alvaro Serrano say. "Funding the purchase with AG shares could unlock the value in a stake that the market failed to value in full, and could offer shareholders a more clear strategy for a growing wealth-management leader," they note. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
April 30, 2025 07:04 ET (11:04 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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