Banco BPM urges UniCredit to drop bid if it can't meet govt's demands

MILAN (Reuters) -Banco BPM on Thursday urged suitor UniCredit to abandon its buyout offer, given the bank led by CEO Andrea Orcel has told authorities it cannot comply with the conditions Rome has imposed to authorise the BPM takeover. UniCredit on Wednesday secured from market regulator Consob a 30-day suspension of its tender offer for Banco BPM as it seeks to persuade the government the conditions cannot be met in their current form. Banco BPM said UniCredit had not made clear to investors what it had told authorities in Rome instead, meaning the conditions Italy has imposed in the name of national security interests cannot be implemented.

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