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Italy’s government and UniCredit(CRDI.MI) have called off negotiations over the sale of ailing Banca Monte dei Paschi (BMPS.MI)(MPS), the Italian lender and Italy’s Ministry of Economy and Finance said in a joint statement on Sunday.

“Despite the effort from both sides, negotiations pertaining to the potential acquisition of a defined perimeter of Banca Monte dei Paschi di Siena will no longer continue,” the statement said.