ROME (AP) — Italy’s economy ministry and UniCredit bank on Sunday announced that they are breaking off talks regarding a deal for a long-ailing Italian bank, Monte dei Paschi di Siena.
The ministry and UniCredit didn’t cite a reason for pulling the plug on negotiations in a joint statement. But Italian news reports on Saturdayr said there were differences over UniCredit’s request for recapitalization and over the number of layoffs if the deal were to be successfully concluded.
The Economy and Finance Ministry holds 64% of the Tuscany-based bank, which is also known as MPS.
"Despite the effort from both sides, UniCredit and the Ministry of Economy and Finance announce that the negotiations pertaining to the potential acquisition of a defined perimeter of Banca Monte dei Paschi di Siena will no longer continue," the statement said.
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