Italy's UniCredit says withdraws offer for Banco BPM

Rome: Unicredit, Italy's second-largest bank, said Tuesday it was withdrawing its offer for its smaller rival Banco BPM, blaming the "golden power" restrictions exercised by the government.

"The Board of UniCredit announces the withdrawal of its offer for BPM as the condition relating to the golden power authorization is not satisfied," the company said in a press release late Tuesday, calling it a "missed opportunity" for BPM shareholders.