Antitrust: Intesa-Ubi operation not authorized. The knot of sales to Bper

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THE DOCUMENT

The Antitrust Authority notes that the agreement for the sale to Bper of a series of retail businesses cannot be taken into consideration because it is not clear what assets would be sold

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(HANDLE)

The Antitrust Authority notes that the agreement for the sale to Bper of a series of retail businesses cannot be taken into consideration because it is not clear what assets would be sold

2 ‘of reading

First stop by the Antitrust Authority on the Intesa-Ubi transaction pending clarification on the transfer of assets to Bper. In its assessment of the public exchange offer launched by Intesa Sanpaolo on Ubi Banca, the Antitrust Authority did not take into consideration the planned sale of 400-500 branches to Bper because “based on the information provided by Intesa Sanpaolo, it was not in any way it is possible to list the Ubi branch of the company sold to Bper, without significant uncertainties regarding its perimeter remaining ».

Currently unauthorized operation

This is what can be read in the Communication of the preliminary findings sent by the authority to the parties involved which, as already emerged from the first excerpts reported by Il Messaggero, concludes that the transaction is not “in the state of the documents that can be authorized”.

The parties have time to submit documents until June 15th

The document also shows that on 1 June last year Intesa asked until 10 of the month to “provide the specification of the business unit” which will be sold to Bper. Application that however the Antitrust rejected on 3 June. The parties will now have time to present briefs and documents by June 15th. June 18 is a new hearing of the subjects who request it.

For Ubi operation aims to eliminate competitor

Ubi Banca “claimed that the notified transaction”, that is, the PSO launched by Intesa Sanpaolo, “would eliminate from the market not only an operator already capable of exerting significant competitive pressure today, but also the only competitor among those of medium-sized companies capable of initiating a consolidation process in the national banking market independently and, therefore, of creating in the short / medium term a third alternative pole to Intesa and UniCredit ».

According to Ubi “that this is the real end of the operation” would also be proved by Intesa’s decision to proceed with “a hostile op, choosing a much more complex procedural path” compared to a negotiation. An “atypical for the banking sector” mode. “In a market where there are many operators who would be available to evaluate integration hypotheses – concludes Ubi, as reported by the Antitrust Authority – this way of proceeding conceals the desire to eliminate a fearsome operator and confirms the absolute competitive value of Ubi ».



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