Reuters logo
9 months ago
BRIEF-Shares in BPM fall sharply after merger approval
October 17, 2016 / 9:06 AM / 9 months ago

BRIEF-Shares in BPM fall sharply after merger approval

1 Min Read

Oct 17 (Reuters) - Italian banks:

* Shares in Banca Popolare di Milano fall 4.3 percent, triggering their automatic suspension from trading, following a shareholder vote on Saturday that sealed an agreed merger with rival Banco Popolare

* The stock had rallied ahead of the vote as investors bet a group of retired employee-shareholders who opposed the merger would fail to block it

* Shares in Banco Popolare were also suspended from trading after a 0.5 percent fall. The stock retraced earlier sharp gains linked to the fact that BPM traded at premium over Banco Popolare until Friday based on the merger's share swap ratio

* Broker ICBPI says the merger will benefit shareholders in the long run while execute risks remain high. Further company coverage: (Reporting by Milan Newsroom)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below