May 9, 2019 / 8:55 AM / a year ago

Italy's Tria declines to comment on Blackrock pulling out of Carige rescue

ROME, May 9 (Reuters) - Italy's Economy Minister Giovanni Tria declined to comment on Thursday on U.S. asset manager Blackrock's surprise decision to pull out of a proposed rescue plan for Italian bank Carige.

A source familiar with Blackrock's decision told Reuters earlier that the asset manager had walked away from the project at the last minute because the plan needed more co-investors and the country's political situation was unhelpful.

BlackRock had been expected to have bought around half of a 720 million euro ($806 million) share issue, emerging with control of the country's 10th-biggest bank and enabling the government to avoid its fourth major bank bailout in two years. (Reporting by Giuseppe Fonte; writing by Angelo Amante; Editing by Crispian Balmer)

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