Stock up 6.82% (Il Sole 24 Ore Radiocor) - Milan , 07 Jun - Shares of Italian bad loan manager doValue were sharply higher, following the announcement it has reached an agreement to acquire its peer Gardant in a deal that will create a European leader in the credit management sector.

At 0740 GMT, doValue shares were up 6.82% to 2.35 euros while the benchmark FTSE MIB index was down 0.18% at 34,772.98 points.

According to the terms of the deal, which comes after weeks of exclusive negotiations, doValue will pay Tiber Investments, an affiliate of funds managed by Elliot Advisers, and Gardant minority shareholders, 230 million euros in cash as well as a 20% stake in the combined business.

DoValue also announced it has obtained financing commitment papers for an amount of about 500 million euros.

AAA-Hob

(RADIOCOR) 07-06-24 09:49:51 (0199) 5 NNNN