June 17, 2014 / 5:32 PM / 3 years ago

Pop Vicenza says tie-up talks with Banca Etruria cannot continue

MILAN, June 17 (Reuters) - Italy’s Banca Popolare di Vicenza said on Tuesday conditions did not exist for talks on a tie up with smaller listed rival Banca Popolare dell‘Etruria e del Lazio to continue.

Popolare Vicenza, one of 15 Italian lenders under scrutiny by European authorities as part of the bank health check-up, said in May it would offer 1 euro per share in cash for Popolare Etruria - valuing it at around 217 million euros ($295 million).

Earlier this month Banca Etruria said it could not approve a takeover offer for around 220 million euros for now but added it would continue negotiations to find an agreement.

In its statement on Tuesday Popolare Vicenza said any other proposals different to its original offer could not be taken into consideration.

The Bank of Italy told Banca Etruria last year to find a buyer after an audit of its books unveiled insufficient provisions against soured loans and an excessive exposure to sovereign debt.

$1 = 0.7345 Euros Reporting by Stephen Jewkes, editing by Oleg Vukmanovic

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