UBI's Board Rejects Intesa's Takeover Offer
03 Julio 2020 - 10:40AM
Noticias Dow Jones
By Giulia Petroni
Italian bank Unione di Banche Italiane SpA said Friday that its
board of directors has rejected Intesa Sanpaolo SpA's takeover
offer as it's not considered convenient for its shareholders.
UBI said the board has evaluated the offer and reached the
conclusion that it doesn't reflect the bank's value and only favors
Intesa's shareholders.
"The possibility for Intesa to achieve the transaction's
strategic objectives is uncertain," UBI said.
The lender also said the offer would allow Intesa to have a
dominant position in Italy by eliminating a competitor.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 03, 2020 11:25 ET (15:25 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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