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

BRIEF-Shares in BPM fall sharply after merger approval

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)

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