Intesa: Value, Synergies Allocation From Takeover Higher Than Estimated by UBI Board of Directors
06 Julio 2020 - 02:29AM
Noticias Dow Jones
By Mauro Orru
Intesa Sanpaolo SpA said Monday that the allocation of value and
synergies from the takeover of rival Unione di Banche Italiane SpA
is higher than estimated by UBI's board of directors.
The Italian bank said the allocation to UBI shareholders amounts
to around 320 million euros ($360 million) out of a total of EUR3.2
billion.
Intesa added that the value represented by the premium offered
of roughly EUR1.1 billion at Feb. 14 will generate more than EUR1.3
billion for UBI shareholders, more than 40% of the present value of
the overall synergies net of integration costs.
The announcement comes days after UBI's board of directors
rejected Intesa's offer, saying that it didn't reflect the value of
the bank and was risky for its shareholders.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
July 06, 2020 03:14 ET (07:14 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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