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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