(Reuters) - Intesa Sanpaolo (MI:ISP) said on Thursday that Italian market regulator Consob had cleared the publication of the investor document detailing its offer to buy rival UBI Banca (MI:UBI), paving the way for the launch of the bid.
The unsolicited, all-paper offer which Intesa announced in February has received green lights from banking and insurance supervisors, while an antitrust review of the deal is still ongoing and a verdict is expected only next month.
Intesa is offering 1.7 new shares for each UBI stock in a bid to create the euro zone's seventh-largest banking group and drive profits through cost cuts and a focus on insurance and wealth management amid an economic slump caused by the pandemic.