Green light Consob, Opesa di Intesa on Ubi starts on 6 July
2020-06-26T06:46:56.385Z
Consob has given the green light to the oops launched by Intesa Sanpaolo on Ubi, launched unexpectedly on February 17 and, after receiving the Commission's placet for the publication of the prospectus, expected for today, the bank led by Carlo Messina has decided to go ahead with the operation, even if the official Antitrust decision is still missing. From 6 to 28 July, Ubi shares holders will therefore be able to join the offer, which provides for an exchange of 17 Intesa Sanpaolo shares for every 10 Ubi shares brought in and which, in recent months, has been the focus of numerous "attacks". both by the management of the prey and by significant groups of its shareholders, starting with the CAR, which brings together almost 20% of the bank's share capital. These are therefore the two stumbling blocks that remain to be overcome by the Milanese institute, which, in the event of the success of the OSP, would strengthen its leadership in Italy, leaving Unicredit very much: on the one hand, to understand how many actions will be taken in accession (the objective the minimum is 50% of the capital + 1 share), on the other hand wait to see if the remedies proposed to the Antitrust to avoid excessive concentrations, with the sale of a number of branches to Bper that can reach 526, will be considered sufficient . Another issue to check is even if the legal action brought by Ubi, which at a certain point said it deemed the offer ineffective because Intesa had not promptly waived the fulfillment of the "Mac" condition (material adverse charge, ed) in the face of the outbreak of the Coronavirus pandemic. With the publication of the prospectus, however, for Victor Massiah and for the top management of the Brescia-Bergamo institute, the 'passivity rule' ends and they would, in theory, be free to propose defensive actions in the face of an unwelcome OSP to them and at least to 21% of the historic shareholding, i.e. the Car and the Mille pact, while the shareholders' union that brings together the great Brescia shareholders, including the family of Giovanni Bazoli, long president of Intesa Sanpaolo, has never made an official pronouncement. Needle of the balance will be small shareholders but above all large investors, such as Edoardo Mercadante's Parvus and the Silchester fund. If Intesa's offer is too low for opposing shareholders, since the launch of the offer the prices of the two shares have remained locked: when the oops was made known, Ubi jumped by more than 20% and throughout the period of volatility linked to the Coronavirus pandemic, the value of the security has never diverged excessively from 1.7 times the value of Intesa's, showing the market's conviction that the operation will go through. According to several financial analysts, if it were to jump instead, the backlash on Ubi shares would risk making itself felt, realigning the price to that of the competitors.
Share
June 26, 2020 Consob has given the go-ahead to the oops launched by Intesa Sanpaolo on Ubi, launched unexpectedly on February 17 and, having received the Commission's placet at the publication of the prospectus, expected for today, the bank led by Carlo Messina decided to go ahead with the operation, even if the official Antitrust decision is still missing. From 6 to 28 July, Ubi shares holders will therefore be able to join the offer, which provides for an exchange of 17 Intesa Sanpaolo shares for every 10 Ubi shares brought in and which, in recent months, has been the focus of numerous "attacks". both by the management of the prey and by significant groups of its shareholders, starting with the CAR, which brings together almost 20% of the bank's share capital. These are therefore the two stumbling blocks that remain to be overcome by the Milanese institute, which, in the event of the success of the OSP, would strengthen its leadership in Italy, leaving Unicredit very much: on the one hand, to understand how many actions will be taken in accession (the objective the minimum is 50% of the capital + 1 share), on the other hand wait to see if the remedies proposed to the Antitrust to avoid excessive concentrations, with the sale of a number of branches to Bper that can reach 526, will be considered sufficient . Another issue to check is even if the legal action brought by Ubi, which at a certain point said it deemed the offer ineffective because Intesa had not promptly waived the fulfillment of the "Mac" condition (material adverse charge, ed) in the face of the outbreak of the Coronavirus pandemic. With the publication of the prospectus, however, for Victor Massiah and for the top management of the Brescia-Bergamo institute, the 'passivity rule' ends and they would, in theory, be free to propose defensive actions in the face of an unwelcome OSP to them and at least to 21% of the historic shareholding, i.e. the Car and the Mille pact, while the shareholders' union that brings together the great Brescia shareholders, including the family of Giovanni Bazoli, long president of Intesa Sanpaolo, has never made an official pronouncement. Needle of the balance will be small shareholders but above all large investors, such as Edoardo Mercadante's Parvus and the Silchester fund. If Intesa's offer is too low for opposing shareholders, since the launch of the offer the prices of the two shares have remained locked: when the oops was made known, Ubi jumped by more than 20% and throughout the period of volatility linked to the Coronavirus pandemic, the value of the security has never diverged excessively from 1.7 times the value of Intesa's, showing the market's conviction that the operation will go through. According to several financial analysts, if it were to jump instead, the backlash on Ubi shares would risk making itself felt, realigning the price to that of the competitors.
