Intesa Sanpaolo said on Friday it had hired JP Morgan, Morgan Stanley, UBS and l...
), offering 1.7 new Intesa shares for each UBI share tendered to create the euro zone’s seventh-largest banking group with a focus on asset management and insurance.
Intesa beefed up its team of advisers after a cool reception for its offer from UBI’s board and the outright rejection by two groups of local shareholders holding roughly a combined 20% of the bank’s capital.A further rejection may complicate matters for Intesa, which has set a take-up threshold of two-thirds of UBI’s capital for its offer to be successful - though it reserves the right to lower it to 50% plus one share.
A person familiar with the matter said UBI was set to enlist Goldman Sachs alongside Credit Suisse as it seeks to fend Intesa off. Goldman declined to comment. Intesa’s midnight blitz on UBI came only hours after Italy’s fifth-largest bank had presented its own business plan to 2022 to the market.
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