It's getting worse and worse for Banca Popolare Milano. In Piazza Affari, the title of the credit institution loses further ground after the denial of the Popolare Emilia Romagna (Bper) on possible extraordinary operations in sight with the Lombard cooperative. After a low of the session at 1,628 euros, shortly after 14 pm Pop Milano dropped 9,27% to 1,595. Before Pop Emilia's denial, the stock, although negative, traded at around 1,69 euros.
The bank's shares were up more than 12% on Friday on rumors of an interest from BNP Paribas. Over the weekend, Il Sole 24 Ore identified UniCredit (CRDI.MI: Quotazione) and Pop Emilia, the latter mentioned in an Equita report, as the banks that could feed appetites for Popolare Milano. “It's too early for an M&A deal,” reads a report today from a foreign broker who maintains an 'underperform' rating on the stock.
