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Agreement: go-ahead from the ECB to the os on Ubi Banca

2020-06-06T04:55:16.626Z

Without conditions. Covid effect does not stop the offer (ANSA)



The ECB gives the green light to Intesa Sanpaolo's public exchange offer on Ubi Banca. The group led by Carlo Messina thus collects the first yes among those it will have to obtain on the transaction: from the Antitrust Authority, which has opened an investigation on the competition front, and from IVASS for the effects on the insurance market, as well as by Consob regarding the prospectus. The prior authorization received from the European Supervisory Authority is unconditional and in the note with which Intesa gives an ok report, it indicates in particular that it does not intend to avail itself of the Mac condition, invoked by Ubi to have its hands free to counter the operation.

The European Central Bank's yes concerns the direct acquisition of a controlling interest, equal to at least 50% of the capital plus a share, in Ubi, as well as for the indirect purchase of control in IW Bank, the online bank of the Brescia group -Bergamo. All this was announced unexpectedly on February 17 in what is in all respects an unfriendly operation, rejected by the main shareholders of Ubi Banca. After the ok from the ECB, Intesa Sanpaolo believes, although it does not yet have information on the possible harmful effects of the Covid pandemic on Ubi, that "reasonably, no effects deriving from the pandemic such as to negatively modify the business of Ubi Banca and / or the financial, equity, economic or income situation of him and / or the companies of the Ubi Group (in addition to similar effects for the offer and for Intesa Sanpaolo) ".

Understanding: will not include covid effect in OPS on Ubi - Following authorization from the European Central Bank, Intesa Sanpaolo believes, although it does not yet have information on the possible harmful effects of the pandemic from Covid on Ubi Banca, which "reasonably from the pandemic there are no effects such as to negatively modify the business of Ubi Banca and / or the financial, equity, economic or income situation of it and / or the companies of the Ubi Group (in addition to similar effects for the Offer and for Intesa Sanpaolo) ". Consequently, Intesa will not include the pandemic and its effects among the conditions of effectiveness of the Ops. You read it in a note.

Source: ansa

All life articles on 2020-06-06

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