By Mauro Orru 
 

Intesa Sanpaolo SpA said Tuesday that the new entity emerging from the planned combination with Unione di Banche Italiane SpA would pay a dividend of 0.20 euros ($0.22) a share for 2020.

Intesa Sanpaolo yesterday launched a bid to acquire its rival in a deal valued at EUR4.86 billion, under which UBI Banca shareholders will get 17 newly issued shares of Intesa Sanpaolo for every 10 UBI Banca shares held.

Intesa Sanpaolo's Chief Executive Carlo Messina said the dividend from the combined entity would be above EUR0.20 a share for 2021.

Intesa plans to delist UBI Banca, the fourth-largest banking group in Italy by number of branches, with a market share of about 7%, when the deal is completed.

Mr. Messina said the combined entity would have net income of more than EUR6 billion in 2022, with a common equity ratio--a key measure of capital strength--above 13%.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

February 18, 2020 02:14 ET (07:14 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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