The Ubi Banca share goes into orbit after the relaunch of Intesa Sanpaolo. Shares in the bank led by Victor Massiah struggled to price at the opener, remaining suspended on over-riding. Once entered into trading, the stock immediately shot up to the top of the Ftse Mib and at 10,58 am it rose by 12,67% to 3,682 euros after having touched an intraday high of 3,692 euros.
The Stock Exchange therefore seems to appreciate the new offer of Intesa Sanpaolo (+0,76%), which upped its stake, recognizing for each share of Ubi Banca, in addition to 1,7 ordinary shares of Intesa Sanpaolo, a consideration in cash equal to 0,57 euro.
Overall, the institute led by Carlo Messina has put on the plate a further 652 million euros in cash with the aim of convincing Ubi shareholders to join the public offer for offer which started on 6 July and reach the threshold of 66,67% of the capital necessary to control the extraordinary shareholders' meeting. Based on the official price of Intesa Sanpaolo shares as at 14 February (equal to 2,502 euro), the offer now expresses a valuation of 4,824 for each Ubi Banca share and therefore incorporates a premium of 44,7% compared to the price of the 'action.
The new proposal, on which the opinion of the board of directors of Ubi Banca is awaited, has been also welcomed by analysts. The Equita Sim experts defined it as "indispensable", while those of Fidentis spoke of an "expected, but larger than expected" increase.
We recall that a few days ago, in addition to the OK from the Antitrust, the openings of the CAR also arrived, the committee of the major Brescia shareholders of Ubi based in Bergamo, the adhesion of Cattolica Assicurazioni and the Banca del Monte di Lombardia Foundation, among the first shareholders with a share close to 4%.
As for the latest news from Intesa, the bank announced that it has completed the incorporation of Banca IMI into the parent company.
