Italy OKs Intesa’s UBI Takeover Bid

Intesa Sanpaolo (ISP.MI) said on Thursday the acceptance period for its offer to buy rival UBI Banca (UBI.MI) will start on July 6 and end on July 28, after the Italian market regulator Consob approved the publication of the offer document.

The unsolicited, all-paper offer announced by Intesa in February has received green lights from banking and insurance supervisors, while an antitrust review is still active with a verdict expected in July.

Intesa is offering 1.7 new shares for each UBI stock in a bid to create the euro zone’s seventh-largest banking group and drive profits through cost cuts and a focus on insurance and wealth management amid an economic slump caused by the novel coronavirus pandemic.

Full Content: Reuters

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