According to IMDB.com, here is what was said:
"I am sorry. What happened to your father was business. I have much respect for your father, but your father... his thinking is old fashioned. You must understand why I had to do that. Now let's work through where we go from here." After Mike comes out of the restroom Sollozo speaks Italian again without subtitles this time saying, "Everything all right? I respect myself, understand? And cannot allow another man to hold me back. What happened was unavoidable. I had the unspoken support of the other Family Dons. If your father were in better health, without his eldest son running things, no disrespect intended, we wouldn't have this nonsense. We will stop fighting until your father is well and can resume bargaining. No vengeance will be taken. We will have peace, but your family should interfere no longer."