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UniCredit boosts outlook after ending bid for Banco BPM

Austria's Chancellor Christian Stocker (L) and Italy's Prime Minister Giorgia Meloni .[AFP]

Italy's UniCredit posted a sharp rise in quarterly profit on Wednesday despite lower revenues, a day after it withdrew its offer for smaller rival Banco BPM due to government interference.

Late Tuesday, UniCredit said it was withdrawing its bid for Italy's third-largest bank Banco BPM, blaming restrictions on the deal imposed by the Italian government while calling it a "missed opportunity" for shareholders.

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