As a shareholder of Ubi Banca, Cattolica Insurance adheres to the public exchange offer launched by Intesa Sanpaolo on the shares of the Bergamo bank. This was decided unanimously on Monday evening by the Board of Directors of the insurance company, which met under the chairmanship of Paolo Bedoni. The board established that the path of adhesion was the most convenient for Cattolica "in the light of both the supervisory authorizations obtained by the offeror, and the issuer's press release, and also the market trend", reads a note of the Veronese insurance company.
Cattolica Assicurazioni has in its portfolio about 1% of the capital of Ubi Banca and adheres to the syndicate agreement "Committee of reference shareholders" (Car), which controls 19% of the Bank and immediately took sides against the operation. "Cattolica's choice probably appears to be a choice motivated by reasons that are not common to those of the generality of Ubi Banca's shareholders", commented sources close to CAR, according to what was reported by The Sun 24 hours.
On the other hand, a major shareholder in Ubi's capital had already thought about breaking the front of the syndicate pact last July 2, such as the Banca Monte di Lombardia Foundation: “As the Banca del Monte di Lombardia Foundation, we are available to evaluate and study the terms of the offer launched by Intesa Sanpaolo on Ubi, of which we are shareholders – said the historic president of the Foundation, Aldo Poli – What interests us is the protection of the territory and valorisation of the Foundation's investment”.
The Banca Monte di Lombardia Foundation controls 4,96% of Ubi Banca therefore leaves the door open to joining the Public Exchange Offer and therefore in the next few days could follow in the footsteps of Cattolica Assicurazioni.
The membership period the public exchange offer – agreed by Intesa Sanpaolo with Borsa Italiana – started at 8.30 on 6 July and will end at 17.30 on 28 July.
