Intesa and Nexi in Preliminary Talks Over Potential Deal
November 20 2019 - 7:39AM
Dow Jones News
By Pietro Lombardi
Intesa Sanpaolo SpA (ISP.MI) and Italian payment company Nexi
SpA (NEXI.MI) are in preliminary talks over "possible transactions
aimed at strengthening the commercial partnership already existing
between the two companies," the Italian bank said Wednesday.
The statement comes after Italian daily Il Messaggero reported
that the companies were working on a deal that would include the
bank transferring its acquiring business to Nexi and taking a stake
of 30% to 40% in the payment company.
"These possible transactions would not entail for Intesa
Sanpaolo any obligation to promote a takeover bid," it said.
Shares in Nexi gained ground on Wednesday following the report
and traded 3.3% higher at 1153 GMT.
"We believe that from an industrial point of view the operation
would make sense for Nexi as the payment business is one of scale
and significant synergies could be generated," Equita SIM analyst
Giovanni Razzoli said.
The payment company confirmed the talks but said the news about
the bank taking a stake of 30% to 40% was "groundless."
"Nexi does specify that these contacts are entirely preliminary
and no project has been defined, either of an industrial or
financial nature, that contemplates economic values," it said.
"In any case, any hypothetical operation can only be consistent
with the mission of Nexi to be the Paytech - independent partner -
of the entire Italian banking system."
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 20, 2019 07:24 ET (12:24 GMT)
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