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ROME, Feb. 7 (UPI) -- Italy's economy minister welcomed a takeover bid by France's BNP Paribas bank for Italy's Banca Nazionale del Lavoro.
Economy Minister Giulio Tremonti said such a deal, estimated to be worth about $11 billion, would bring Italy more in line with the trend of mergers and acquisitions taking place in Europe, ANSA said Tuesday.
Also supporting BNP was the head of the Italian Banking Association, Maurizio Sella, who predicted that "this will not be the last foreign takeover in Italy and Italy will do the same abroad."
"Mergers and acquisitions of this kind are always welcome because they bolster competition," Sella added.
The positive and unusually public response to the BNP offer marks a sharp reversal of Italy's official resistance to foreigners gaining ownership of Italian banks.
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