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Investing.com -- Italy’s Mediobanca (BIT:MDBI) has abandoned its approximately $7 billion offer for smaller rival Banca Generali after shareholders voted against the takeover plan, according to the company on Thursday.
"This is clearly an opportunity, for now, missed for the development of our bank and the Italian financial system," Chief Executive Alberto Nagel said.
Following the announcement, Banca Generali shares fell over 2% in midday trading in European markets.
Mediobanca had launched the offer for Assicurazioni Generali’s private-banking arm in April as part of a strategy to strengthen its wealth-management business.
The deal, valued at 6.3 billion euros at the time, would have been funded by exchanging Mediobanca’s approximately 13% stake in Assicurazioni Generali.
The failed acquisition comes as Mediobanca faces its own takeover challenge from rival Monte dei Paschi, which has made an unsolicited approach valuing the company at 13.3 billion euros.
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