UBI Banca Says Intesa's Bid Is Invalid Due to Pandemic
20 Mayo 2020 - 05:29AM
Noticias Dow Jones
By Cristina Roca
Unione di Banche Italiane SpA has told the Italian market
authority that it believes a public exchange offer for its
shares--launched by larger rival Intesa Sanpaolo SpA--has become
ineffective due to the coronavirus pandemic, it said on
Tuesday.
The Italian lender said the pandemic constitutes a "material
adverse change," or MAC, a condition that would render Intesa's bid
ineffective.
Intesa "should have promptly expressed itself on whether it was
waiving this condition," UBI said in a press release issued in
response to a report by Italian business newspaper Il Sole 24
Ore.
UBI denied the report's allegation that the MAC occurred due to
a deterioration of its financial and credit profile. "The recently
published figures for the first quarter of 2020, have confirmed the
solidity of UBI Banca's operating results and its financial
position as well as the quality of its assets," the company
said.
Italy's Intesa in February launched a surprise all-share
takeover bid for UBI, valued at the time at $5.3 billion. The
combination would create Italy's largest bank. Late in March,
Intesa said it was pressing ahead with the takeover bid for UBI
despite the pandemic.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
May 20, 2020 06:14 ET (10:14 GMT)
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