Ops of Intesa on Ubi, first week of caution

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It closed, collecting little more than1% of the capital, the first week of joining thepublic exchange offer launched by Intesa Sanpaolo its uBI Banca. An insignificant trend, considering that the success of a public offer is measured in the last days of adhesion, with investors who prefer to keep their hands free until the end.

I big shareholders of Ubi for now remain at the window. The pact of the Brescia members, which collects just under 8% of the capital, still took time, postponing a decision who expected to be hired by the weekend. How the evaluations of the Crc Foundation (5.9%) and Banca del Monte di Lombardia (3.9%) are underway, assisted by the advisor Socgen. Both are part of the patto Car, whose graniticity (the OSP is “hostile and inadmissible”) shows the first cracks and could also be affected by the exit of Cattolica (1%), whose gravitational center – thanks to the Ivass diktat which imposed 500 million increase – is moving towards the «white knight» Generali of which Mediobanca is the first shareholder, advisor to Intesa.

Cà de Sass ha tempo until July 28th, closing period of the oops to collect the minimum threshold of 50% plus one action or, more hopefully, that of 66.7% of the capital, which would allow for a merger with Ubi and would pave the way for sale of branches to Bper without the risk of litigation and legal battles with riotous minorities. The sale of the 532 branches wants to meet the needs of the Antitrust, which will rule on the adequacy of the remedy at the end of July, in what represents one of the crucial steps of the operation, to which many shareholders also look before taking sides.

Yesterday, meanwhile, the Ubi leaders returned to the counterattack. Intesa’s oops has a «disruptive effect“As it could” lead to the elimination of a solid competitor and potential creator of a third pole “, causing the” inevitable reduction of credit lines to those who were customers of both “, said the president of Ubi, Letizia Moratti. While the CEO Victor Massiah, in a video interview, reiterated that the offer «does not appear fair»Due, among other things, to a share exchange that does not reflect” the intrinsic value “of Ubi and the” greater growth potential of Ubi shares “after the adoption of a more aggressive dividend policy. “Support»On the other hand came from Apindustria Brescia, in favor of the “creation of a” national sample like the one that Banca Intesa is trying to build “.