UniCredit scraps Banco BPM bid, blames delays in state approval

6 hours ago 1
Unicredit Tower in Milan, Italy

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UniCredit (OTCPK:UNCFF) (OTCPK:UNCRY) has withdrawn its offer to buy Banco BPM (OTCPK:BNCZF), it said on Tuesday, after failing to secure timely state approval in a setback the bank called a missed opportunity for the broader Italian economy.

UNCFF gained 2.9%

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