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| Version 0 | Version 1 |
|---|---|
| Italian banks 'agree on merger' | Italian banks 'agree on merger' |
| (20 minutes later) | |
| A merger between Italian bank Unicredit and its smaller rival Capitalia has been approved by the boards of both companies, according to reports. | |
| The 22bn euro ($29.7bn; £15bn) all-share deal would create Europe's second-largest bank by market value. | The 22bn euro ($29.7bn; £15bn) all-share deal would create Europe's second-largest bank by market value. |
| A Unicredit official said the board had given its approval. Capitalia vice chairman Paolo Savona told news agencies: "Everything's done." | A Unicredit official said the board had given its approval. Capitalia vice chairman Paolo Savona told news agencies: "Everything's done." |
| The combined bank would be worth more than 100bn euros. | The combined bank would be worth more than 100bn euros. |
| Unicredit boss Alessandro Profumo would remain chief executive of the enlarged group, which would retain the Unicredit name. | |
| The chief executive of Rome-based Capitalia, Matteo Arpe, resigned after the announcement. | |
| The deal has been supported by the Italian government, with Prime Minister Romano Prodi calling it critical for the country's efforts to keep up with increasing globalisation. |