A PYMNTS Company

Italy’s Intesa Closer To Completing UBI Bid

By  |  June 14, 2020

Italy’s insurance regulator IVASS is set to rule early this week on the takeover offer by Intesa Sanpaolo for rival UBI, reported Reuters.

IVASS’s verdict is the last regulatory approval needed before market watchdog Consob examines the offer prospectus. 

The deal has already received green lights from the European Central Bank, the Bank of Italy, and Luxembourg’s financial services authority. 

Based on Italian rules, Consob has five working days from the IVASS decision to rule on the prospectus. 

Consob’s approval would open the way for Intesa to launch the all-paper exchange offer for UBI, after it announced its plan to bid in February and create the Euro zone’s seventh-biggest banking group.

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.