Former Bank Of Italy Governor Sentenced For Failed Unipol Takeover
October 31 2011 - 8:24AM
Dow Jones News
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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