Antitrust approval for UBI tender offer: statement by CEO Carlo Messina
The Italian competition authority AGCM has authorized Intesa Sanpaolo’s tender offer for UBI Banca.
The approval by AGCM is the latest authorization for Intesa Sanpaolo following the approvals received previously by the European Central Bank, Bank of Italy, insurance regulator IVASS and stock exchange regulator Consob.
The offer runs until July 28 for all UBI shareholders.
Intesa Sanpaolo CEO Carlo Messina commented on the approval, underlining that UBI shareholders now have all of the elements needed to fully evaluate Intesa Sanpaolo’s offer:
“Today’s approval by the Italian competition authority AGCM is the final required authorization for Intesa Sanpaolo’s Public Exchange Offer for the shares of UBI Banca, following the approvals received previously by the European Central Bank, Bank of Italy, insurance regulator IVASS and stock exchange regulator Consob. This is a fundamental milestone as it guarantees the regularity correctness of the operation to all UBI shareholders who adhere to the Offer.
“AGCM’s decision underlines that the operation, in light of the commitments proposed by ISP, fully respects both the competitive dynamics of the Italian banking market and the rights of consumers. The decision also ensures the emergence of a group at the pinnacle of the European banking sector, while strengthening the domestic Italian context.
“In closing, I would thank AGCM for their work and for the timeliness with which the review was concluded: UBI shareholders now have all of the essential information needed to evaluate our offer and make their choice.”
Last updated 17 July 2020 at 09:27:19