Italy, UniCredit talks on Monte Paschi purchase collapse

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A view of the Unicredit headquarters of which many employees are working from home due to a coronavirus outbreak, in Milan

– Italy’s government and UniCredit have called off negotiations over the sale of ailing Banca Monte dei Paschi(MPS), the Italian lender and Italy’s Ministry of Economy and Finance said in a joint statement on Sunday.

“Despite the effort from both sides, negotiations pertaining to the potential acquisition of a defined perimeter of Banca Monte dei Paschi di Siena will no longer continue,” the statement said.

(Reporting by Aishwarya Nair in Bengaluru; editing by David Evans)