INTESA SANPAOLO AND THE OTHER MAIN SHAREHOLDERS OF SIA
EXECUTE AGREEMENTS FOR THE SALE OF 59.3% OF THE SHARE CAPITAL OF SIA
Turin - Milan, December 2nd 2013 – Intesa Sanpaolo, UniCredit, Banca Monte dei Paschi di Siena and BNL have entered into sale-and-purchase agreements with Fondo Strategico Italiano, F2i SGR and Orizzonte SGR concerning the sale of 59.3% of the share capital of SIA. The stake under disposal is held 28.9% by the Intesa Sanpaolo Group, 20.1% by UniCredit, 5.8% by Banca Monte dei Paschi di Siena, and 4.5% by BNL.
The price has been determined on the basis of a valuation of 100% of the SIA capital equal to €765 million.
As a result of the transaction, the three purchasers shall hold the following stakes in the capital of SIA: Fondo Strategico Italiano 42.3%, F2i SGR 10.3%, Orizzonte SGR 6.7%. Intesa Sanpaolo and UniCredit shall retain, respectively, 4% of the capital, while Banca Monte dei Paschi di Siena and BNL shall exit the shareholder base and the other existing shareholders of SIA shall hold a 32.7% aggregate stake.
Following the sale of 28.9% of the capital of SIA, which is expected to be completed within the first semester of 2014, the Intesa Sanpaolo Group will record a net capital gain of around €150 million and a positive contribution of about 6-9 basis points to its pro-forma fully phased-in Basel 3 Common Equity ratio - estimated on the basis of data as at September 30th 2013 - with and without Danish Compromise implementation, respectively.
The selling parties have been assisted by HSBC as financial advisor and by Pedersoli e Associati as legal advisor.
The completion of the transaction is subject to regulatory approval.
Last updated 2 December 2013 at 07:45