With two working days to go until the closing of Intesa Sanpaolo's public offer offer on Ubi Banca (it expires on Tuesday 28 July), subscriptions have risen to 32,6%. Still an insufficient percentage to complete the merger (the target is 67%), but already satisfactory in projections, given that in recent similar operations, it was precisely the final rush that was decisive: this is why the advisors Jp Morgan, Morgan Stanley, UBS and Equita predict that eventually membership will be 70%, that is abundantly what was hoped for and predicted by the bank led by Carlo Messina, which is aiming for 67%.
However, all this is happening in a climate that is not exactly serene. The Board of Directors of Ubi Banca has repeatedly reiterated its coldness towards the operation, deeming it inconvenient for the shareholders and therefore rowing against joining. This opposition would be relying mainly on small shares, which in any case they account for around 25% of the Lombard bank's shareholders. Hence the accusation by Intesa Sanpaolo's lawyers: Ubi does not inform its shareholders correctly. A complaint has also been filed with Consob and the Bank of Italy, in which they complain of a "violation of the regulation of investment services" and "serious dilatory and incorrect behaviour", which UBI allegedly adopted "by unduly exploiting the position of intermediary depositary of actions subject to Ops to contrast it and going so far as to recommend customers not to adhere".
Intesa Sanpaolo challenges the "rival" bank to implement dissuasive practices from telephone adhesion, required by law, and recommendations given by Ubi managers to customers "not to join because the Ops would not be convenient in terms of discount". For its part, Ubi has always supported the absolute correctness of information and conduct on the offer in the branches. There are now only a few hours left for the verdict.
