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Director says Popolare di Milano will stay independent.


Enzo Chiesa, the managing director of Banca Popolare di Milano (BIT:PMI), on Tuesday said the Italian bank has no merger deals under consideration as its 2011-13 business plan is for a stand-alone company, daily Il Sole 24 Ore reported.

The paper cited Chiesa as saying that Banca Popolare di Milano was not looking into a combination with Banca Popolare dell'Emilia Romagna (BIT:EMII) or any other sector player, as it has been rumoured over the past days.

Italian business daily Finanza & Mercati reported on Friday that the bank could consider a tie-up with Banca Popolare dell'Emilia Romagna and has also received a takeover offer from French rival BNP Paribas (EPA:BNP).

Chiesa said his bank had no knowledge of any offer from BNP, reiterating the Italian banka[euro](tm)s statement from last week.Country: , ItalySector: Banking/Financial ServicesTarget: Banca Popolare di Milano ScarlBuyer: BNP Paribas SA, Banca Popolare dell'Emilia RomagnaType: Corporate acquisitionStatus: Denied

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Publication:M & A Navigator
Date:Jun 21, 2011
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