By Pietro Lombardi

Intesa Sanpaolo SpA has increased its takeover offer for smaller rival Unione di Banche Italiane SpA, adding a cash component.

The Italian bank said Friday that it is now offering 0.57 euros ($0.65) in cash in addition to 1.7 of its shares for each share in UBI.

Based on the value of the shares in February, before the takeover bid was announced, the new offer values UBI shares at EUR4.8 each, with a premium of almost 45% on its share price on Feb. 14, Intesa said.

In February, Intesa 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.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com; @pietrolombard10

(END) Dow Jones Newswires

July 20, 2020 01:20 ET (05:20 GMT)

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