Exclusive-Italy, UniCredit set to call off talks over Monte dei Paschi-sources
At Market.us Scoop, we strive to bring you the most accurate and up-to-date information by utilizing a variety of resources, including paid and free sources, primary research, and phone interviews. Our data is available to the public free of charge, and we encourage you to use it to inform your personal or business decisions. If you choose to republish our data on your own website, we simply ask that you provide a proper citation or link back to the respective page on Market.us Scoop. We appreciate your support and look forward to continuing to provide valuable insights for our audience.
October 23, 2021
LONDON (Reuters) – Italy’s government and UniCredit are preparing to call off negotiations over ailing bank Monte dei Paschi (MPS) after efforts to reach an agreement over a costly recapitalization plan fell through, two sources told Reuters.
Rome has decided it won’t be able to meet UniCredit’s requests for a recapitalization package worth more than 7 billion euros as this would make a deal “too punitive” for the Italian taxpayer, one of the sources said. Disagreements over the size and costs of job cuts at the world’s oldest bank as well as an accountability issue over the way UniCredit calculates the fair value adjustments on MPS liabilities have proved to be a main stumbling block, this source said.
A second source said the parties had concluded it was impossible to reach an agreement based on the conditions set in July, which required the acquisition of “selected parts” of Monte dei Paschi to boost UniCredit’s earnings per share by 10% and leave its capital unaffected.
UniCredit declined to comment while the Treasury was not immediately available for comment.
(Reporting by Pamela Barbaglia in London, Valentina Za in Milan; Giuseppe Fonte in Rome)
Source Link Exclusive-Italy, UniCredit set to call off talks over Monte dei Paschi-sources
Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.
Latest from Author
- Eye-Opening Lead Generation Statistics Every Marketer Should Know
- Virtual Reality Statistics and Fact By Market Value, Adoption, Challenges and Opportunities
- Project Management Statistics By Success, Failure and Performance
- Content Marketing Statistics By Market Value, Adoption, Challenges and Opportunities
- Endpoint Security Statistics By Regional Analysis, Market Growth, and Adoption