By Olivia Bugault

 

Intesa Sanpaolo SpA said late Monday that it now owns around 91% of Unione di Banche Italiane SpA's capital after the closing of a successful takeover bid for its smaller Italian rival.

Intesa said that 90.2% of UBI's shares were tendered to the offer and that, according to the law regarding compulsory squeeze-out, it will purchase the remaining shares that represent roughly 9.8% of UBI's capital.

If conditions are met, UBI's shares will be delisted, it said.

Intesa launched a bid to take over its smaller rival in February, in a deal that is set to create Italy's largest bank.

 

Write to Olivia Bugault at olivia.bugault@wsj.com

 

(END) Dow Jones Newswires

August 04, 2020 02:03 ET (06:03 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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