Unipol should pull

The scandals swirling around Unipol’s former chairman, one of its leading shareholders and the former governor of the Bank of Italy, one of its staunchest backers, ought to be a golden opportunity for the Italian insurer. What better pretext to abandon its reckless empire-building E8.4bn bid for Banca Nazionale del Lavoro? But bizarrely, the incoming chairman - Pierluigi Stefanini - seems oblivious to the opportunity. His first action has been to reaffirm a perilous course. He should think agai...