Carige Rescue Plan Set to Go Ahead Without Apollo

(Bloomberg) -- A plan to rescue troubled Italian lender Banca Carige SpA will proceed without the participation of Apollo Global Management, la Repubblica reported.

The European Central Bank earlier this year extended the time given to administrators managing Carige to allow for a market solution after a prior rescue plan failed. Italian media reported last week that Italy’s interbank fund was leaning against a role for Apollo, and had begun looking for a “plan B.”

The interbank fund will instead become Carige’s main investor, Repubblica reported, after deeming Apollo’s offer too low. The fund is due to meet Monday for a final decision, the newspaper said.

To contact the reporter on this story: Jerrold Colten in Milan at jcolten@bloomberg.net

To contact the editors responsible for this story: Chad Thomas at cthomas16@bloomberg.net, James Amott

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