Bavarian Versicherung (BV) of Germany acquires Napobank of France. The market value of BV stock on the

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Bavarian Versicherung (BV) of Germany acquires Napobank of France. The market value of BV stock on the Frankfurt exchange is €1 billion. Napobank's equity trades in Paris for €200 million. BV pays a 30 percent acquisition premium to acquire Napobank. The synergy created through the combination of the two financial institutions adds 5 percent to the value of the combined firm. How much are BV's shareholders likely to gain or lose through this acquisition?
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