Intesa-Ubi, large Ubi members get retouching offer and say yes

2020-07-17T19:03:04.512Z

In the turn of a very hot Friday, the Ops of Intesa Sanpaolo on Ubi has virtually ended. The first to break the delay were the members of the Brescia shareholder union, which hold 8% of Ubi. Per voice of the president Franco Polotti, interviewed by the Giornale di Brescia, they said yes, also asking for a touch-up of cash to the offer. A hypothesis that shortly afterwards, with the move of a poker player, President Gian Maria Gros-Pietro denied: "The offer is clear", he replied to those who asked him for a comment. But a few minutes later, Gros-Pietro himself chaired a board of directors where that retouching was approved, and was quantified as 0.57 euros for each Ubi share brought on offer. Cash in addition to the 17 Intesa Sanpaolo shares for every 10 Ubi shares transferred. In a rapid overlap of press releases, in the afternoon before the Banco del monte di Lombardia Foundation and then the, so far, riotous Cassa di Risparmio di Cuneo Foundation, said yes to the offer, making a total of another 11% to the oops, which in addition to 3.85% so far officially conferred. By adding one percent of Cattolica Assicurazioni, 25% of the capital already transferred is almost reached. But as in politics, actions weigh. The three who were collected yesterday by Intesa Sanpaolo in fact dismember the castling of Ubi, since the two foundations represented the architrave of the Car, the set of Bergamo shareholders that without Crc and Fmbl is worth only more than 8%. The same goes for the great members of Brescia. The unknown Parvus remains, the fund that today collects a 9% stake in Ubi, and on which there are various points to be clarified, so much so that there was a convocation by the Banks Commission of Parliament. The rest of the capital is instead "free", in the hands of large funds and small partners. In the exact five months that have elapsed since the launch of the offer, these shareholders have received a considerable increase in the value of the security, equal to the premium proposed by Intesa Sanpaolo, as well as the large shareholders, and they will hardly not adhere to the offer, which will end February 28. It is clear that Covid-19, and the fears related to the economic recovery in the autumn, had a bearing on the foundations' decision, which found themselves exposed to violent speculation during the pandemic. The fragmentation of the Ubi shareholding did not support the compactness of Intesa Sanpaolo's development projects in the territories, which for example will create a new direction in Cuneo and a seat of its Impact Bank, as explained by Stefano Barrese, head of the Banca dei Territori. Finally, 57 cents per share were added to all this, which means 80 million for foundations, and 310 million for companies and shareholders. Foundations that, explained Messina in a note "will be able to join those who are historical shareholders of Intesa Sanpaolo, which has always been a formidable competitive advantage for our bank". At this point, both the minimum target of 50% plus one share, and two thirds of the capital brought on offer, are likely, allowing for faster integration between the two parties. Above all avoiding aftermath and controversy. Carlo Messina will have to sell over 500 branches to Bper and Ubi's bancassurance activities to Unipol, but he will find himself managing the seventh banking group in Europe for assets, which, in his words, will "be able to make consolidated consolidated profits estimated at over 5 billion in 2022, distribute high and sustainable dividends, reduce non-performing loans at no cost to shareholders and confirm a high level of capital solidity, with a common equity ratio expected to be above 13% in 2021 ". The Ubi title, at the end of a not long process, will be removed from the lists of Piazza Affari. The hope is to close this part of the merger by the end of the year, while for the sale of the branches, imposed by the antitrust authority, the time should be a little longer. The process involves a series of extraordinary assemblies, before the final go-ahead. The name of the new subject will not change, Union Banche Italiane will disappear, at least these were the initial plans.