Ubi Banca leaves the Stock Exchange. On Monday 5 October 2020, Borsa Italiana will order the revocation of the ordinary shares of the Brescia-Bergamo institute from listing, subject to suspension of the share in the sessions of 1 and 2 October 2020. Step by step, the merger of the two institutes is proceeding.
Coming to hold the 98,9% of the share capital of Ubi with the public purchase and exchange offer, Intesa Sanpaolo will make use of the right to purchase the remaining shares from UBI shareholders who request it (which concerns 1,89 of the group's share capital, i.e. 21.635.917 .XNUMX shares still outstanding).
Once the "squeeze-out" has been concluded, the Ubi share will be delisted from the Stock Exchange, with which the banking group led by Carlo Messina will collect the remaining shares (those that are not yet in its possession). Thus Intesa will become, to all intents and purposes, owner of 100% of Ubi, in the absence of minority shareholders.
In detail, Intesa Sanpaolo will pay UBI shareholders the consideration in shares (i.e. 1,7 newly issued ordinary shares of the Messina institute in execution of the capital increase to service the offer) and the cash consideration (equal to 0,57 .3,539 euros). Alternatively, the full consideration in cash, equal to XNUMX euros.
Meanwhile, ahead of the assembly for the election of the new Board of Directors of Ubi – called next 15 October – the names of Paolo Grandi for the presidency and that of Gaetano Miccichè as managing director are already circulating. The list, however, will be filed next Monday.
The countdown to the merger of the two banks has begun. From next spring Intesa and Ubi will become one, when the assembly of the former popular will be called to approve the 2020 budget. In this way, the integration will avoid the risk that minority lists will be presented for the appointments.
