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International Business Times
International Business Times
Business

UniCredit Boosts Outlook After Walking Away From Banco BPM

UniCredit Banco BPM Andrea Orcel Italy Commerzbank European Union
UniCredit shares rose more than four percent as investors reacted to the bank reporting a jump in second quarter profits and walking away from a fraught bid for rival Italian lender Banco BPM (Credit: AFP)

Italy's UniCredit posted a sharp rise in quarterly profit on Wednesday despite lower revenues, a day after it withdrew its offer for smaller rival Banco BPM due to government interference.

Late Tuesday, UniCredit said it was dropping its bid for Italy's third-largest bank Banco BPM, blaming restrictions on the deal imposed by the Italian government while calling it a "missed opportunity" for shareholders.

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