UniCredit CEO Andrea Orcel said the Italian government's initial response to his bank's unsolicited bid for rival Banco BPM ...

The bank blasted what it sees as a weak premium. Its CEO warned a deal would cost BPM 6,000 jobs. And Italian officials expressed concern that a UniCredit tie-up would stall efforts to grow BPM.

Banco BPM SpA rebuffed an unsolicited approach by UniCredit SpA, saying its takeover offer wasn’t agreed in advance, is too ...