LONDON Dec 13 Italian banking shares rose in
choppy trading on Tuesday following Unicredit's latest
efforts to bolster its balance sheet punctuating an otherwise
quiet open for European stock markets.
The STOXX 600 was up 0.3 percent after opening
slightly lower. Italy's banking index was up 1.3
Also in Italy, Mediaset shares surged 25 percent
after French media group Vivendi's reported stake in
the company stoked talk of a hostile bid.
UniCredit shares quickly reversed its early losses
and were trading up more than 3 percent. The bank, hobbled by
concerns over bad debts and a capital shortfall, said it would
raise 13 billion euros ($13.83 billion) in the country's biggest
Monte dei Paschi di Siena rose 2.4 percent after a
Treasury source said on Monday that Italy was ready to pump
capital into the bank it failed to get the 5 billion euros ($5.3
billion) it needed to remain in business from private investors.
Standard Life shares fell 3.1 percent and were the
top losers on the STOXX 600 following a downgrade at Deutsche
(Reporting by Atul Prakash, Editing by Vikram Subhedar)