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UniCredit Gains on Report of Potential SocGen Merger Deal

  • UniCredit hired advisers including Rothschild’s Bouton: MF
  • Speculation about possible tie-up already surfaced in 2016
Updated on

UniCredit SpA, Italy’s biggest bank, climbed in Milan trading after a report that it had hired an adviser for a possible merger with France’s Societe Generale SA, a deal rumored already two years ago.

Talks between the lenders to study integration and acquisition possibilities have been continuing, Italian financial newspaper MF reported, without citing anyone. UniCredit appointed Daniel Bouton, the ex-SocGen chief executive officer who is now working for Rothschild & Co., due to the “delicate” nature of discussions, MF said, adding that SocGen hired JPMorgan Chase & Co.