The ECB has authorized Intesa Sanpaolo to promote the OPS on UBI Banca
12 июня 2020
The ECB has authorized Intesa Sanpaolo to promote the Public Exchange Offer (OPS) on UBI Banca of February 17, aimed at acquiring controlling interest of at least 50% of the capital plus 1 share and, consequently, to the indirect acquisition of a controlling interest in IW Bank.
The authorization followed the presentation to the ECB of the request for a public exchange offer. It was accompanied by information to support the validity of the strategic objectives of the transaction, which is aimed at strengthening the sustainability of the creation of value for all stakeholders.
Intesa Sanpaolo believes that even if they do not yet have information on the possible harmful effects of the pandemic on UBI Banca, there is no reason to consider such events as negative modification of its business and/or the financial situation.
Equita, Intesa Sanpaolo's advisor in the transaction and the ECB's authorization: "although awaited, is very positive news for Intesa Sanpaolo as it eliminates an element of uncertainty linked to the performance of the offer. The authorization procedure of the Antitrust Authority, which should be concluded within the next few weeks, is still ongoing.”
The upcoming steps are the approval of the prospectus by Consob and the agreement from IVASS.