By Giulia Petroni 
 

Italian bank Unione di Banche Italiane SpA said Friday that its board of directors has rejected Intesa Sanpaolo SpA's takeover offer as it's not considered convenient for its shareholders.

UBI said the board has evaluated the offer and reached the conclusion that it doesn't reflect the bank's value and only favors Intesa's shareholders.

"The possibility for Intesa to achieve the transaction's strategic objectives is uncertain," UBI said.

The lender also said the offer would allow Intesa to have a dominant position in Italy by eliminating a competitor.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

July 03, 2020 11:25 ET (15:25 GMT)

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