UniCredit Asks Regulator for More Time in BPM Bid, Corriere Says

UniCredit SpA asked Italy’s market regulator Consob to suspend its takeover bid for Banco BPM SpA to give it time to negotiate with the government over conditions imposed on the deal, newspaper Il Corriere della Sera reported.

The Milan-based bank has requested more time before the offer period is set to end on June 23, arguing that the government’s requirements constitute a new element related to the takeover bid, the newspaper reported, without saying where it obtained the information. According to the law, that could allow for a suspension of the offer for up to 30 days, Corriere said.