MILAN (Reuters) - Italian insurer Unipol
Unipol agreed last year to rescue Fondiaria in a complex four-way tie-up but a series of regulatory and legal hurdles has held up completion of the deal.
Italy's anti-trust authority said Unipol must sell assets with premiums totaling around 1.7 billion euros to get its blessing.
But the insurer filed an appeal to have that amount reviewed and lowered.
"The appeal has been pulled," a Unipol spokesman said on Wednesday, without giving a reason for the decision.
The merger, expected to close by the end of the year, will create Italy's second biggest insurer with around 37 percent of the domestic auto insurance market.
In May Unipol's chief executive Carlo Cimbri said the group had received 10 to 15 expressions of interest for the assets, from Allianz
Italian newspaper Il Sole 24 Ore said last month Warren Buffett's Berkshire Hathaway Inc
"Progress has been made in identifying a buyer for the assets," a source close to the matter said, without giving further details.
Cimbri has previously said the portfolio could be sold in blocks or all together.
(Reporting by Stephen Jewkes and Andrea Mandala; Editing by Greg Mahlich)