ITALY - Leonardo walks away from BS deal

Fran
20 November 2008

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Banca Leonardo has decided not to honour its contract to acquire a 20% stake in BS Private Equity (BSPE).

The deal announced in May was given the go ahead from the European and Italian financial authorities on 30 October. According to reports, the contract does not include any clause pertaining to this particular situation. The arbitrary clause in place is generic and will be the one BSPE will use, but the process is expected to be a long one.

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