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Italy's UniCredit Withdraws Offer to Buy Banco BPM

Italy's UniCredit Withdraws Offer to Buy Banco BPM

UniCredit UCG 0.07%increase; green up pointing triangle said it withdrew its acquisition offer for Banco BPM BAMI 1.23%increase; green up pointing triangle, citing complaints related to the golden power provision that allows the Italian government to impose conditions on corporate transactions.
UniCredit, Italy's second largest bank, offered to buy smaller peer BPM in November in an all-stock deal valued at 10.1 billion euros ($11.81 billion) at the time.
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