Former BOI chief Fazio acquitted in bank takeover case

MILAN Fri Dec 6, 2013 8:21am EST

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MILAN Dec 6 (Reuters) - A Milan appeals court acquitted on Friday former Bank of Italy Governor Antonio Fazio and other 12 people from market rigging charges stemming from a takeover fight over local lender Banca Nazionale del Lavoro (BNL) in 2005.

The BNL case pitted mid-sized local insurer Unipol against Spanish bank heavyweight BBVA.

The court ruled there was no case to answer. The charges had also expired under the statute of limitations.

A previous acquittal ruling by a Milan appeals court in May last year had been annuled the following December by Italy's highest court.

Fazio resigned as head of the Bank of Italy in 2005 after phone tap transcripts raised allegations he had favoured domestic bidders against foreign players.

BNL was eventually taken over by France's BNP Paribas . (Reporting by Sara Rossi, writing by Valentina Za, editing by Agnieszka Flak)

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