Italy, UniCredit break off talks on ailing Italian bank

ROME (AP) — Italy’s economy ministry and UniCredit bank have announced that they are breaking off acquistion talks regarding an ailing Italian bank. Both the ministry and UniCredit didn’t cite a reason for pulling the plug on negotiations for Monte dei Paschi di Siena Bank in a joint statement released Sunday evening. But Italian news reports a day earlier said there were differences over UniCredit’s request for recapitalization and over the number of layoffs if the deal was to go through. The Economy and Finance Ministry holds 64% of the Tuscany-based bank which is also known as MPS.