Intesa Sanpaolo Now Owns Around 91% of UBI's Capital After Takeover Bid
August 04 2020 - 02:18AM
Dow Jones News
By Olivia Bugault
Intesa Sanpaolo SpA said late Monday that it now owns around 91%
of Unione di Banche Italiane SpA's capital after the closing of a
successful takeover bid for its smaller Italian rival.
Intesa said that 90.2% of UBI's shares were tendered to the
offer and that, according to the law regarding compulsory
squeeze-out, it will purchase the remaining shares that represent
roughly 9.8% of UBI's capital.
If conditions are met, UBI's shares will be delisted, it
said.
Intesa launched a bid to take over its smaller rival in
February, in a deal that is set to create Italy's largest bank.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
August 04, 2020 02:03 ET (06:03 GMT)
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