BlackRock’s Italian U-turn leaves state on hook LJucca
BlackRock has pulled out of a proposed rescue of Italian bank Carige, a spokeperson for the U.S. asset manager said on May 9, confirming a report by Italian daily La Repubblica.
A fund run by BlackRock had been spearheading a rescue plan for ailing Carige that hinged on a fresh 720 million euro cash call. Carige, which has been under the direct control of the European Central Bank since February, said on May 9 it was looking at other solutions to meet its capital shortfall. It added it could seek government financial aid.
The Italian state has pledged to inject up to 1 billion euros to prop up Carige if no private buyer can be found.
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