Intesa’s offer on Ubi is likely to slip in September


->Understanding-ubibanca_1Il Sole24Ore updates on the oops of Intesa Sanpaolo up UBI Banca which, according to the newspaper, would risk slipping in September. The main causes are bound to the positive opinions from the ECB, Ivass and the Bank of Italy. And in the following 15 working days, the definition of the overall framework would be the turn of Consob, which should examine the prospectus. Finally the opinion of the Antitrus on the concentration that would be created in the sector. A process that could last for months and end after the summer.

According to the economic newspaper, among the conditions of effectiveness of the offer there would be the unconditional approval of the operation by the Antritust of Albania and Serbia. If there were more onerous conditions imposed by the authorities, Intesa Sanpaolo could decide to withdraw. Another node is the “mac” clause (materila adverse change clause) to guarantee the offer in case of serious and unexpected events. For this the two credit institutes have fielded the lawyers. It will be up to the advisors in question to resolve the situation and, in the case of going after the summer, the half-yearly accounts of each will also be available.


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