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Banks, Intesa Sanpaolo launches takeover bid on Ubi Banca


The bank led by Carlo Messina launched a voluntary public exchange offer on all Ubi bank shares. For every 10 Ubi Banca shares brought in acceptance of the offer, 17 newly issued Intesa Sanpaolo ordinary shares will be paid


February 18, 2020 Intesa Sanpaolo is still the protagonist of banking risk with a surprise offer on Ubi bank, which has just presented its new business plan to 2022. The bank led by Carlo Messina has launched a voluntary public exchange offer on all Ubi shares bank. An operation, not agreed but not even hostile, with Ubi who does not comment on the offer, aimed at "consolidating the leadership" of Cà de Sass in the banking sector with a group capable of making profits in excess of € 6 billion by 2022. For every 10 Ubi Banca shares tendered in acceptance of the offer, 17 newly issued Intesa Sanpaolo ordinary shares will be paid, thus valuing Ubi 4.86 billion euros. The figure corresponds to a premium of 27.6% on the stock market values ​​of Friday 14 February equal to 3.3333 euro. The board of directors of Intesa Sanpaolo will submit the proposed share capital increase to the offer to the extraordinary shareholders' meeting convened for 27 April.

With the finalization of the offer, Intesa will have access to over 3 million customers, including retail, SMEs and privatistanding, of Ubi Banca. Unipol Sai has already reached an agreement with Cà de Sass to take over, in the event of a successful tender offer, the business units of the insurance companies Banca Assurance Popolari, Lombarda Vita and Aviva Vita, owned by Ubi Banca. The Bolognese insurance group will then support an increase of one billion euros for Bper of which it is the first shareholder for 19.9%.

The bank led by Alessandro Vandelli has signed a contract with Intesa which provides for the purchase of a business unit consisting of 1.2 million customers distributed over 400/500 branches located mainly in northern Italy. Within twenty days from February 17, Intesa Sanpaolo will present the offer document to Consob and at the same time the requests for obtaining authorizations from the ECB, the Bank of Italy, Ivass and the foreign authorities involved in the operation. . The aim of the offer is to acquire the entire share capital of Ubi and the subsequent delisting and merger. Intesa Sanpaolo believes that the withdrawal of the actions will favor the "objectives of integration, creation of synergies and growth of the group".

If the offer launched by Intesa Sanpaolo on Ubi Banca goes through, the group will sell to Bper, with which it has signed an agreement, a business branch consisting of a set of branches (estimated between 400 and 500) of the new combined entity . This was announced by Intesa Sanpaolo, which underlines that the choice is aimed at "preventing the emergence of situations potentially relevant for antitrust purposes". In the same way, the bank led by Carlo Messina has also signed an agreement with UnipolSai: if, downstream of the offer, it should regain control of the bancassurance vehicles owned by Ubi, the insurance company would purchase them.

Source: rainews

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