Italy's doValue rallies after it agrees to buy Gardant

doValue

07/06/2024 09:17

** Shares in Italy's doValue  DOVA.MI  jump as much as 9.9%
after the bad loan manager has agreed to buy rival Gardant in a
cash and stock deal
    ** The deal has "strategic sense", Equita says, as doValue
will gain access to Gardant's ongoing contract with Banca BPM
and BPER Banca, improving its business outlook in Italy
    ** doValue will also increase its exposure to the
unlikely-to-pay segment due to Gardant's flow contract with
BPER, the brokerage adds
    ** Up to Thursday's close, doValue shares were down 36%​ YTD
    ** At 0815 GMT the stock is up 5.6%, outperforming Italy's
all-share index  .FTITLMS  which is down 0.1%
    
  


($1 = 0.9180 euros)

 (Reporting by Alberto Chiumento)
 ((Alberto.Chiumento@thomsonreuters.com;))