Countdown for Intesa’s Ops on Ubi Banca


Countdown to the start ofpublic exchange offer launched by Intesa Sanpaolo on Ubi Banca. An operation, the accession period of which will last from 6 to 28 July, which aims to create a banking group with 5 billion profits in 2022. In the coming hours, meanwhile the meeting of the union pact of shareholders
Brescia from Ubi Banca, which collects around 8% of the capital, to analyze and pronounce on the offer.

Intesa Sanpaolo warms up the engines to get to the heart of an operation based on “solid industrial fundamentals and capable of strengthening the Italian financial system”, as Carlo Messina said on the occasion of the publication of the offer document. After the scrutiny of all the supervisory authorities, and pending the Antitrust decisions scheduled by 25 July, the operation is now at the starting line and the word now passes to the shareholders.

On the slope Ubi Bancain fact, the meeting of the board of directors is awaiting a decision on the offer. From the harsh climate of the past few months it is easy to predict that the bank led by Victor Massiah will express itself in a negative way, explaining all its reasons. The groupings of shareholders (Car and Patto dei Mille), which together hold 20% of Ubi’s capital, have already rejected the offer in recent months, calling it “unacceptable” and “without economic rationale”. The evaluation of Socété Generale, advisor of the Cassa di Risparmio di Cunero Foundation, which holds 5.9% of the capital of Ubi, and of the Banca del Monte di Lombardia Foundation (3.9% of the capital) is also on the way.

They emerge from the offer document new elements on the future group which will arise from the integration of the new banks. In terms of new credit and support for families and small and medium-sized enterprises, Intesa Sanpaolo intends to carry out the Territorial Councils, ‘booths for the coordination of interventions, made up of’ group representatives as will be the result of any improvement of the offer and prominent personality of the local fabric ».

One of the crucial knots is the transfer of the banking branch to Bper and insurance branches a Unipol which Intesa plans to achieve, even if it renounces the percentage threshold condition (66.67%) and without prejudice to the minimum threshold condition (50% + 1 share), in the «twelve months following the payment date». A prediction that could be subject to a “different timing” if the risks assumed in the registration document to Consob become reality.