UniCredit CEO says July terms for MPS deal needed to reassure market -Breaking
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MILAN (Reuters), UniCredit has set stringent terms for a possible merger with Monte dei Paschi in July to reassure investors. This was to reassure them in relation to a deal which could be seen by the markets as being forced on to it by politicians, Andrea Orcel CEO.
Orcel spoke at Monday’s parliamentary hearing and said that the market reaction had proven the correct approach.
Orcel stated that he felt “sorry” at the failure of the deal. However, the Treasury was not expecting the required capital injection to close the July deal. UniCredit had no other options to lower it.
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