The Diageo unit said higher sales of premium brands helped lift quarterly revenue in India’s growing spirits market

MILAN (Reuters) -UniCredit on Wednesday posted a much higher than expected quarterly profit and raised its 2025 outlook, a day after ditching a takeover bid for rival Banco BPM which had led Italy’s second biggest bank to clash with the government. UniCredit late on Tuesday said it was withdrawing the offer, blaming government meddling for altering the process and depriving Banco BPM shareholders, as well as Italy’s economy, of a good opportunity. UniCredit said net profit in the three months through June totalled 2.9 billion euros net of one-off items and 3.3 billion euros when including those. That is well above a 2.5 billion euro ($2.9 billion) forecast in a company-gathered analyst consensus, and up from 2.7 billion euros a year ago. UniCredit forecast a net profit in the full year of around 10.5 billion euros, improving on a previous guidance for a net profit above 9.3 billion euros. It said it would pay out to shareholders at least 30 billion euros in 2025-2027, of which at least half in cash dividends and the rest through share buybacks, depending on potential acquisitions. Orcel has turbocharged UniCredit’s profits in recent years by taking advantage of higher rates and slashing costs, generously rewarding investors to drive up the share price. CBKG). ($1 = 0.8522 euros)