BUZZ-Monte dei Paschi dips, Mediobanca rises after $14 bln bid

Shares in Italy's Monte dei Paschi (MPS) BMPS.MI fall as much as 9.4% after launching a 13.3 billion euro ($14.0 billion) bid for rival bank Mediobanca MDBI.MI which rises as much as 3.8%

"We think the synergy potential is limited," says brokerage Keefe, Bruyette & Woods (KBW)

KBW says the first impression is that the offer has limited chances of success

"Monte dei Paschi is smaller than Mediobanca and the two banks have no material overlap," KBW adds

By 0830 GMT, the MPS stock is down 7.7% while Mediobanca rises 3.2%

MPS is among top fallers on the pan-European STOXX 600 index .STOXX

($1 = 0.9535 euros)