Intesa Sanpaolo relaunches and scores. The group has increased the fee for the Public Ops on Ubi Banca and lays the foundations for paving the way for the conquest of 66,67% of Ubi the adhesions to the Public Ops launched last February. thus winning the yes of the great Brescia partners who had already opened the acquisition on Friday, however, asking for an improvement. And the improvement came to the extent of 0,57 euro per share which is added to the consideration in shares equal to 1,7 ordinary shares of Intesa Sanpaolo for each Ubi Banca share.
Based on the official price of Intesa Sanpaolo shares as at 14 February (equal to 2,502 euro), the offer - explains the press release released by the bank after the decision of the Board of Directors in an extraordinary meeting - expresses a value equal to 4,824 for each Ubi Banca share and incorporates a premium of 44,7% compared to the price of the Ubi Banca share.
In the event of full acceptance of the offer, the cash consideration received by the shareholders of Ubi Banca would become, according to Intesa, quantifiable at approximately 80 million euro for Foundations to support donations to local communities, and approx 310 million euro for local families and entrepreneurs. Overall, Intesa puts another 652 million on the plate.
Intesa Sanpaolo explains the reasons behind the relaunch of the initial offer. On the one hand, it is a matter of "generating benefits for all the stakeholders of the two Groups - the shareholders, families and client companies, the people who work there, the community and the environment in which the two Groups operate - and to strengthen at the same time the support to the real and social economy of Italy, valorising the local realities”. On the other hand, the new offer is presented as a recognition to the territories such as Bergamo and Brescia most affected by the Covid-19 epidemic. Intesa Sanpaolo "has decided to take into consideration the difficult situation in the local area in which UBI Banca's retail shareholders and more generally the stakeholders are concentrated - as is known, severely hit by the COVID-19 pandemic - and not to aggravate it further with divisive, albeit unintentional, that can be generated between stakeholders in favor and against the Offer”.
The acceleration has arrived in the last few days, also close to the Antitrust decision, the last wait to complete the framework of authorizations for the Ops.
Read also: Intesa-Ubi: Antitrust ok, but will have to sell 500 branches
That an improvement in the Ops was in the air was understood after the opening of the CAR, the committee of the major Brescia shareholders of Ubi based in Bergamo which had opened a breach in the initial wall raised against the Intesa's proposal. However, asking for a raise that has now arrived. Cattolica joined a few days ago and also the Banca del Monte di Lombardia Foundation, one of the first shareholders with a share close to 4%, unanimously opted with closed markets to join the February Ops. The circle closes.
To learn more: Intesa surprisingly launches an offer on Ubi Banca
