MILAN, Nov 20 (Reuters) - Shares in Nexi were up more than 3% and those in lender Intesa Sanpaolo were down almost 0.7% after daily Il Messaggero reported that Italy’s biggest retail bank was discussing a strategic partnership with the payments firm.
Under the deal, Intesa could sell its “acquiring” unit to Nexi and enter in the company’s capital with a 30% to 40% stake, the report said.
Intesa Sanpaolo declined to comment. Nexi was not immediately available for comment.
“From an industrial point of view the operation would make sense for Nexi and significant synergies could be generated (from the deal). From a financial point of view it is not possible at the moment to make an assessment as the data for the ISP acquiring (unit) is not public,” investment bank Equita wrote in its daily research note.
Reporting by Giancarlo Navach, editing by Giulia Segreti