Former Bank of Italy Governor Antonio Fazio, former head of Italian insurer Unipol SpA (UNI.MI) Giovanni Consorte, and a group of other businessmen involved in the failed takeover attempt of Unipol in 2005 have been sentenced to several years in jail, Italian newswire MF-Dow Jones reports.

Fazio was sentenced to three years and six months, while Consorte was sentenced to three years and 10 months, a Milan judge ruled Monday. Both repeatedly denied any wrongdoing.

In 2005 a group of Italian investors, including executives of Unipol and a group of real-estate developers, attempted to take over Banca Nazionale del Lavoro, now a unit BNP Paribas SA (BNPP.FR). Following an investigation into how the investors bought shares on the market, the takeover failed, paving the way for the French banking giant to enter the once-lucrative Italian banking market.

Consorte and Fazio lawyers haven't yet said if their clients will appeal Monday's sentence. One of the lawyers defending Consorte said the sentence was unexplainable.

-By Alberto Chimenti, Dow Jones Newswires; +39 02 5821 9906; sabrina.cohen@dowjones.com

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