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The head of Italian antitrust regulator said Tuesday that it was far too early to form any opinion on the planned merger of Italy's number one and number three banks, local media reported.
"If I already had an opinion I would lose my job," Antonio Catricala' quipped to the press in regards to the plan for UniCredit to incorporate Capitalia later this year.
"We will examine the plan and on points that concern us we will issue an opinion. In regards to the financial side I believe European authorities have jurisdiction, while I think Italy does in regards to the merger's impact on the market."
"In the end, it is not important who has the final word, but whether or not the deal can go through," he added.
Looking at a possible timetable, Catricala' said "we have to issue an opinion within 60 days of receiving the dossier. Thus if we get the documentation from Brussels before the summer, we will wrap this up by the end of the summer."
The all-paper operation will see UniCredit offer 1.12 of its shares per one Capitalia share for a total value of 22 billion euros. Once merged, the new bank will have a market value of some 100 billion euros.
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