Italy's Popolare Sondrio jumps on merger speculation

UnipolSai Assicurazioni SpA

06/09/2023 09:30

** Shares in Italy's Banca Popolare di Sondrio  BPSI.MI 
rise as much as 9% after Italian daily La Repubblica reported 
on Wednesday that UnipolSai  US.MI  has asked the ECB for
authorisation to increase its stake in the regional bank to
19.99% from the current 9.5%
    ** The move may be part of a wider plan to merge Sondrio
with rival BPER  EMII.MI , in which UnipolSai has a 19.9% stake,
the newspaper added
    ** UnipolSai declined to comment
    ** A Milan-based trader says that the press report has
ignited speculation about a possible takeover and therefore is
driving up Sondrio shares
    ** The stock has gained 21% YTD and is on track for a best
day since November 2020
    ** By 0822 GMT, shares in Popolare di Sondrio are up about
5.7%, while UnipolSai and BPER are roughly unchanged

 (Reporting by Alessandro Parodi, Giancarlo Navach, Gianluca
Semeraro, editing by Alvise Armellini)
 ((alessandro.parodi@thomsonreuters.com))