UniCredit chief executive Andrea Orcel said on Tuesday the bank is prepared to let its €14bn takeover offer for its smaller domestic rival Banco BPM lapse, as regulatory hurdles and government-imposed conditions have rendered the deal financially unviable under current terms.
Speaking at the national assembly of Italy’s FABI banking union, Orcel said a legal challenge to Rome’s demands will not be resolved before the offer expires on July 23. “It is not financially advantageous on its current terms,” he added.