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UniCredit shares up sharply on profits and Mediobanca stake sale

UniCredit’s exit from the investment could cascade through corporate Italy

Italy’s largest lender, UniCredit, has shed its entire stake in investment bank Mediobanca, a move that ends a 70-year-plus relationship and has the potential to shake up the country’s corporate landscape.

The stake sale was announced late Wednesday. On Thursday, UniCredit reported sharply higher third-quarter net profit, its shares rising 6.2% in early trade. Mediobanca shares were down 0.4%.

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