BPER Banca approves cash call to fund purchase of assets in Intesa/UBI deal
Reuters
Published Apr 22, 2020 11:25
MILAN (Reuters) - Shareholders in BPER Banca (MI:EMII) on Wednesday gave a green light to a cash call needed to fund a deal which Intesa Sanpaolo (MI:ISP) is hoping will address antitrust issues in its takeover bid for smaller rival UBI (MI:UBI).
To salvage the deal with BPER as it presses ahead with its unsolicited offer for UBI amid one of the world's deadliest coronavirus outbreaks, Intesa last month said it was ready to accept a lower price.
BPER CEO Alessandro Vandelli told shareholders that, under the revised terms of the Intesa deal which now takes into account shrinking market valuations for banks, the size of the cash call would be much smaller than an initial estimate which the bank had put at 800 million euros ($869 million).
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.