->The sun 24 hours highlights the five tables on which the offer of Intesa Sanpaolo up UBI Banca: Consob, Antitrust, Ivass, ECB / Bankitalia and the Court.
The judicial front would be the last one opened in chronological order. The MAC (material adverse clause) clause that according to UBI Banca would have occurred with the outbreak of the coronavirus pandemic should have made IntesaSanpaolo express in a timely manner on the waiver of this condition, instead of “reserving to confirm whether the offer is valid or not at the end of the process “, because the offer” is and must be irrevocable “.
The clause would be of great importance, according to the economic newspaper, in that it would cause the OPS and consequently the “passivity rule” for UBI Banca to lapse. This rule prevents the target company from carrying out operations aimed at curbing hostile climbs.
Finally, Consob and the Antitrust are added to the front, two other obstacles to face that would lengthen the time by postponing the operation perhaps in September.
The last word will go to the market and, according to the newspaper, the reflections of the differences of vision between the two companies would already be seen today.
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