Italian assets fly as Intesa launches shock bid for UBI
Intesa Sanpaolo caught the market by surprise when it launched a takeover bid for UBI Banca on Monday night. The announcement sent credit and equity valuations surging higher, with investors pinning their hopes on consolidation in the Italian banking sector.
Intesa Sanpaolo is launching a voluntary public exchange offer on all of UBI Banca’s ordinary shares, as it looks to delist the bank and then merge it into its own business.The offer comes at an exchange ratio of 1.7 times and values UBI at €4.94bn — ...
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