Intesa Sanpaolo Files UBI Banca Takeover Bid Document With Italy's Market Regulator
March 09 2020 - 3:06AM
Dow Jones News
By Pietro Lombardi
Intesa Sanpaolo SpA said late Friday that it has filed an offer
document related to its takeover bid for smaller rival Unione di
Banche Italiane SpA with Italy's market regulator Consob.
The bid was launched last month, taking the market by surprise.
It would create the eurozone's seventh-largest lender and Intesa,
which is now Italy's second-largest bank by assets after UniCredit
SpA, would become the country's largest bank.
Some shareholders of UBI Banca have voiced their opposition to
the deal. A pact representing roughly 18% of the bank's capital,
for example, said the offer was "unacceptable."
Intesa has offered UBI shareholders 1.7 newly issued shares of
Intesa for every UBI share tendered.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
March 09, 2020 02:51 ET (06:51 GMT)
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