Merger targets reassess their value

Ever the bashful bride, Turkey's Garanti Bank has turned away from a second marriage offer from Italy's Banca Intesa over apparent differences on long-term risks, values and the treatment of employees in the post-merger environment. The merger, which unravelled in July after scarcely a three-month engagement, would have joined Italy's largest bank, with assets of almost $330 billion, and Turkey's number three financial institution, with assets of about $16 billion and shareholder equity of $1.75 billion.