BRE Properties, Essex Property deal possible but may not occur, says Citigroup After Bloomberg reported that Essex (ESS) has bid for BRE Properties (BRE), Citigroup has no specific knowledge of such a deal, but it thinks that the acquisition would make sense, given significant synergies between them. Nonetheless Citi thinks the Bloomberg article may just be speculation, and it believes that the risk/reward on BRE may not be favorable at current levels. The firm keeps a Neutral rating on both stocks.
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