Nexi (MI:NEXI) shares rose more than 4.5% on Monday after Italian state investor CDP Equity announced plans to increase its stake to as much as 29.9%.
CDP said it aims to enter derivative contracts covering 8% of Nexi's share capital, while ruling out a full takeover bid.
Brokerage Intermonte noted that a stake increase by CDP would stabilize and support the share price, especially given high short positions.
However, the speculative appeal is limited, as CDP's exclusion of a takeover also lowers the chance of a private equity bid for delisting.
CDP currently owns 19.14% of Nexi and is its second-largest shareholder. Hellman & Friedman is the largest with 22.23%.
