UBI Heads for Delisting as Intesa Owns Nearly 100% of Capital
14 Septiembre 2020 - 1:07AM
Noticias Dow Jones
By Mauro Orru
Intesa Sanpaolo SpA said late Friday that Unione di Banche
Italiane SpA is heading for a delisting from the Italian stock
exchange as Intesa has secured nearly 100% of its smaller rival's
capital.
Intesa Sanpaolo said it would own 98.9% of UBI's capital
following the transfer of shares and payment to shareholders for
the sqeeze-out on Sept. 17. In February, it launched a surprise
takeover bid for UBI valued $5.3 billion at the time.
The announcement follows approval from the European Central Bank
for Intesa to sell 532 branches and legal relationships to Italian
retail lender BPER Banca SpA as part of the Intesa-UBI deal.
The merger is set to create Italy's largest bank by assets and
the eurozone's second-biggest by market capitalization.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
September 14, 2020 01:52 ET (05:52 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.