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Banca Carige rejects Apollo offer, but leaves door open

rejected ApolloManagement International LLP's offer for a stake in the Italian lender and the purchaseof its bad loans, but left the door open for Apollo Global Management LLC's London-based unit toreturn with a different proposal.

BancaCarige's board of directors objected to the fact that Apollo ManagementInternational's offer was nonbinding but also stipulated that the bank may notlook for rival offers or find other solutions for its bad loans, which couldinclude drawing on recent government initiatives.The board added that Banca Carige's choice was also restricted by Apollo'sinsistence that the purchase of the bank's bad loans would be linked to acapital increase.

BancaCarige said it was ready to discuss these issues with Apollo.