Intesa Sanpaolo files UBI takeover offer document with market watchdog [Reuters]
INTESA SANPAOLO S/ADR (ISNPY)
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Source: Reuters
Intesa Sanpaolo files UBI takeover offer document with market watchdog MILAN (Reuters) - Italy’s top retail bank Intesa Sanpaolo ( ISP.MI ) said on Friday it had filed with market regulator Consob the offer prospectus for its unsolicited bid for smaller rival UBI Banca ( UBI.MI ). Intesa last month unveiled a surprise all-paper takeover bid for UBI, offering 1.7 new Intesa share for each UBI share tendered to create the euro zone’s seventh-largest banking group with a focus on asset management and insurance. Since then, Italy has been hit by Europe’s worst outbreak of coronavirus, which has killed almost 200 people in the past two weeks, wrecking havoc in financial markets and driving Italian banking shares down 25%. When it was announced, just before midnight on Feb. 17, Intesa’s offer valued UBI shares at 4.254 euros each, a figure which the recent sell-off has lowered to 3.36 euros. UBI shares closed down 5.3% on Friday at 3.159 euros. The offer document filed on Friday will be
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