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Libyan stake boosts UniCredit shares

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Libyan stake boosts UniCredit shares

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Italian bank UniCredit’s shares rose 7.76 percent in reaction to news that the Libyan government is now its second largest shareholder with the friendly purchase of a 4.23 percent stake.

UniCredit shares had lost a third of their value since the beginning of October.

Although Libya’s decision pleased the market by providing much-needed financial support, it was not immediately clear what the political response would be.