1436 GMT - The arguments Mediobanca's outlined when it rejected the surprise takeover offer from peer Banca Monte dei Paschi coincide with AlphaValue's first comments on the deal, the broker says in a research note. The Italian lender sees the deal as value destructive and highlighted the lack of industrial and financial rationale. It also noted the absence of appreciable synergies and potential client and staff losses. "At the time of writing, since BMPS' announcement, Mediobanca's share price has increased by more than 4%, whereas that of BMPS has fallen by almost 11%, thus signaling the market's wide skepticism about the deal's rationale and likelihood," analyst David Grinsztajn writes. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
January 28, 2025 09:36 ET (14:36 GMT)
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