UBI investor group postpones meeting on Intesa bid due to … – Reuters

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MILAN (Reuters) – A group of UBI Banca UBI.MI shareholders postponed a meeting, scheduled on Monday, to discuss Intesa Sanpaolo’s ISP.MI takeover offer to comply with measures against the coronavirus outbreak in Italy, the group said on Monday.
Intesa last week announced an all-paper offer to buy smaller peer UBI and create the euro zone’s seventh-largest bank by assets, focused on wealth management and insurance and in charge of more than 1.1 trillion euros in customers’ financial assets.
The group of shareholders, from the northern town of Brescia, holds about 8.4% of UBI’s share capital.
Last week a separate shareholder association, which represents a another group of local investors holding a total of 18% of UBI Banca stock, rejected Intesa’s offer, raising questions on the positive outcome of the bid.
Reporting by Gianluca Semeraro, editing by James Mackenzie
Our Standards: The Thomson Reuters Trust Principles.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.


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