Fit, UniCredit defends failed negotiations with BMPS

Posted on Nov 3, 2021, 10:18 AMUpdated Nov 3, 2021, 10:37 AM

Our priority objective is not to carry out mergers and acquisitions, these operations can accelerate our strategy if the right conditions are met.. These words are not from Jean-Pierre Mustier, but from his successor at the head of UniCredit since last April, Andrea Orcel. The investment banker explains in a letter to his employees the failure of negotiations for the takeover of Banca Monte dei Paschi di Siena (BMPS).

A lost opportunity for Italy and the strengthening of its banking sector ”, specifies the one who is nicknamed “the king of deal makers” and who has evolved into ” deal breaker “. The Italian Treasury, which manages the State’s 64% stake in BMPS, deemed its conditions “punitive”. ” Our priority is and always has been to build the solid foundations for our future, retorts Andrea Orcel, to bring out the full value and potential of UniCredit. “

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