Intesa Sanpaolo has granted a discount to Bper for the sale of 500 branches envisaged as part of theOops launched mid-February by the bank led by Carlo Messina on Ubi and which continues despite the Coronavirus emergency. Indeed, just today came the news that the analysts of Equity promote Intesa Sanpaolo, with a upgrade of the title from Hold to Buy, and the same operation that will lead to the merger with Ubi.
The reformulation of the price for the 500 Ubi branches, with related employees and customer relationships, is the consequence of the drop in the value of the securities on the Stock Exchange and will allow Bper to choose the most favorable solution between the previous criterion or a new parameter.
"The expected cash consideration - explains a note from Intesa Sanpaolo - was recalculated as an amount equal to the lower of the previously agreed amount, i.e. 55% of the assets in terms of Common Equity Tier 1 of the business unit, and 80% of the implicit multiple paid by Intesa Sanpaolo for the Common Equity Tier 1 assets of Ubi Banca”.
In turn Unicredit has confirmed the convocation of the corporate meeting for the approval of the 2019 Budget for April 9 but, as a result of the Coronavirus emergency, has established that it is held behind closed doors in order to protect members and employees according to the provisions recently issued by the Government
