STOCKS NEWS EUROPE-Italy's Eurofly takes off on merger OK
Italy's Eurofly SpA EEZ.MI is up 16.4 percent after the airline's board approved a merger with majority shareholder Meridiana SpA.
"We're dealing with speculative purchases, I don't think they are going to leave a trace," says a trader.
The merger plan calls for transfer of Meridiana's air transport activities to Eurofly, which increases its capital by 52.6 million euros. A 40 million euro rights issue will take place after the merger.
Meridiana owns 60.7 percent of Eurofly.
Reuters Messaging rm://francesco.segoni.reuters.com@reuters.net
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