Italy, UniCredit fail to clinch Monte dei Paschi rescue deal

LONDON/MILAN, Oct 24 (Reuters) – Italy on Sunday ended talks with UniCredit (CRDI.MI) over the sale of Monte dei Paschi di Siena (MPS) (BMPS.MI) in a major setback to years-long efforts by the Rome government to return the ailing Tuscan bank to private hands.

Failure to bridge a multi-billion euro valuation gap between the parties leaves Italy unable to complete the restructuring of its banking system which it started six years ago.

The announcement confirmed what Reuters had exclusively reported from sources on Saturday.

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Source: Reuters