Milan

Mediobanca stock suspended for 2nd time Friday on declines

Shares in investment bank fall after new business plan announced

Mediobanca stock suspended for 2nd time Friday on declines

Milan, June 21 - Shares in Mediobanca, Italy's largest investment bank, were suspended for a second time on Friday after plummeting a theoretical 8.2% after the company announced its new business plan. The stock had already been suspended earlier in the trading session after dropping more than 5%. Milan-based Mediobanca announced it would sell its holdings in companies including Telecom Italia - Italy's former State-owned telecommunications company - and Assicurazioni Generali, Italy's largest insurer, in a bid to return to profit. It said it would raise 1.5 billion euros from the sales, planned over the next three years.

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