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-Italy's Banca Popolare di Milano to lodge EUR156m bid for Banca Monte Parma.

BANKING AND CREDIT NEWS-October 13, 2010--Italy's Banca Popolare di Milano to lodge EUR156m bid for Banca Monte Parma(C)2010 M2 COMMUNICATIONS http://www.m2.com

12 October 2010 - Italy's Banca Popolare di Milano (BIT:PMI) is prepared to spend EUR156m (USD216.1m) for purchasing a 51% interest in local sector player Banca Monte Parma SpA, news agency Ansa reports today without citing sources.

Half of the amount will be paid in cash, while the remainder will be settled with new stock, according to the agency.

Banca Popolare di Milano is also willing to acquire new shares in Monte Parma during the bank's EUR100m rights issue.

A spokesperson at the Milan-based bank declined to comment when contacted by Ansa, while Banca Monte Parma was not reached for comment.

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Publication:M2 Banking & Credit News (BCN)
Date:Oct 13, 2010
Words:139
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