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Italian bank buys 5 percent of Prada

Italian bank buys 5 percent of Prada

An Italian bank is paying $126.5 million for a 5-percent stake in Prada Group NV, one of the bank’s key lending customers.

Besides the ownership move, Banca Intesa SpA also agreed to loan Prada about $253 million, The Wall Street Journal reported Monday.

Analysts say the move is an apparent step toward Prada’s long-time but often-frustrated goal of an initial public offering.

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