By Claudia Cervini 
 

Intesa Sanpaolo SpA may have secured the support of more than 80% of Unione di Banche Italiane SpA shareholders for the takeover of its smaller rival, UBI.

Shareholders representing around 19% of UBI's share capital, a group called the CAR shareholder pact, backed the offer on Tuesday.

On Monday, support for the deal had amounted to roughly 43.5%, according to the Italian Stock Exchange.

Overall support for the offer of more than 80% would comfortably pass the 66.7% threshold required to proceed smoothly with the merger.

Italy's market regulator's Consob extended the offer deadline until July 30, leaving more time for support to build up.

 

This story was translated in whole or in part from an Italian-language version initially published by Milano Finanza-DJ, a partner of Dow Jones & Co.

 

(END) Dow Jones Newswires

July 28, 2020 13:09 ET (17:09 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
Ubi Banca (BIT:UBI)
Gráfica de Acción Histórica
De Ago 2020 a Sep 2020 Haga Click aquí para más Gráficas Ubi Banca.
Ubi Banca (BIT:UBI)
Gráfica de Acción Histórica
De Sep 2019 a Sep 2020 Haga Click aquí para más Gráficas Ubi Banca.