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Italian Stocks: Intesa, Mediolanum, Monte Paschi, and Piaggio

Italy’s benchmark FTSE MIB Index fell for a third day, losing 102.50, or 0.5 percent, to 20,262.80 at the 5:30 p.m. close in Milan.

The following stocks were among the most active in the Italian market today.

Banca Monte dei Paschi di Siena SpA (BMPS IM) fell 1.9 percent to 1.01 euros, extending a 2.1 percent decline yesterday, as banking shares were the worst performers in Europe today on renewed concern about the impact of the sovereign-debt crisis. Intesa Sanpaolo SpA (ISP IM), Italy’s second-biggest bank, lost 2.3 percent to 2.36 euros.

Mediolanum SpA (MED IM), the financial-services company partly owned by Italian Prime Minister Silvio Berlusconi, lost 2.7 percent to 3.16 euros after climbing 4.8 percent yesterday on speculation regarding a potential merger with Assicurazioni Generali SpA and Mediobanca SpA (MB IM).

Generali Chairman Cesare Geronzi doesn’t plan a merger with the insurer’s biggest shareholder Mediobanca, the executive told la Repubblica in an interview. Mediobanca shares slid 1.2 percent to 6.79 euros, the first loss this week.

Piaggio & C. SpA (PIA IM) sank 6.3 percent to 2.32 euros, snapping a two-day increase. The scooter company targets net income of 90 million euros in 2013, the company said at a presentation in Milan today. Chairman Roberto Colaninno said the scooter maker may “downsize” its Italian plants if the sales crisis continues.

“That cooled expectations as the company is still defensive about its core markets, while expanding in ‘new’ markets,” said Luca Peviani, managing director at P&G Sgr SpA in Rome.

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