Deals
UniCredit Is in Talks to Buy Paschi in First Orcel M&A Move
- Bank, Treasury have approved prerequisites for potential sale
- Bad loans, extraordinary litigation to be excluded, bank says
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UniCredit SpA said it started talks to buy Banca Monte dei Paschi di Siena SpA, opening the way to the Italian government’s favored solution for the long-troubled lender.
UniCredit and the Finance Ministry “have approved the prerequisites” for a transaction involving the commercial operations of Paschi with a defined perimeter and appropriate risk mitigation, the country’s second-biggest bank said in a statement late Thursday.