By Pietro Lombardi 
 

Intesa Sanpaolo SpA said late Friday that it has filed an offer document related to its takeover bid for smaller rival Unione di Banche Italiane SpA with Italy's market regulator Consob.

The bid was launched last month, taking the market by surprise. It would create the eurozone's seventh-largest lender and Intesa, which is now Italy's second-largest bank by assets after UniCredit SpA, would become the country's largest bank.

Some shareholders of UBI Banca have voiced their opposition to the deal. A pact representing roughly 18% of the bank's capital, for example, said the offer was "unacceptable."

Intesa has offered UBI shareholders 1.7 newly issued shares of Intesa for every UBI share tendered.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

March 09, 2020 02:51 ET (06:51 GMT)

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