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Business

HVB Shares Rise on Takeover Speculation

Shares of HVB Group, Germany's second-largest bank, rose as much as 5.3 percent on speculation the company may get a takeover offer from UniCredito Italiano SpA, Italy's No. 2 lender, according to Bloomberg News. Munich-based HypoVereinsbank's stock was up 85 cents, or 4.4 percent, to 20.04 euros in early trade in Frankfurt after earlier rising to 20.20 euros. UniCredito shares were down 0.4 percent in Milan. "Once again it's UniCredito merger or bid speculation," Matthew Clark, an analyst at Keefe, Bruyette & Woods Ltd. in London told Bloomberg. "It seems unlikely to me. I just think there aren't really the synergies to justify buying HVB at this price." UniCredito, based in Milan, may buy HVB within the week, Italian newspaper Il Sole/24 Ore reported in its Parterre column, which is reserved for speculative reports and didn't cite anyone. The transaction could value HVB at 22 euros a share, or 15 percent more than yesterday's closing price, the newspaper said.

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