UniCredit says it is withdrawing bid for Banco BPM

UniCredit UCG on Tuesday said it was withdrawing its 14.6 billion euro ($17 billion) all-share bid for Banco BPM BAMI.

Italy's second-biggest bank said in a statement government-set terms for the bid, which it has been fighting in court scoring a partial victory earlier this month, had derailed the bid.

($1 = 0.8514 euros)