MILAN (Reuters) -The chances that UniCredit can see through its takeover bid for smaller peer Banco BPM are at best 20%, CEO Andrea Orcel said on Wednesday.

Speaking at a financial conference organised by Goldman Sachs in Berlin, Orcel told investors the conditions Italy set to authorise takeover using 'golden powers' it has to protect national security interests create too much uncertainty and expose the bank to huge fines if UniCredit does not comply.