Key Developments: Intesa Sanpaolo SpA (ISP.MI)

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Latest Key Developments (Source: Significant Developments)

Intesa Sanpaolo SpA exercises right to request demerger of Telco
Monday, 16 Jun 2014 11:06am EDT 

Intesa Sanpaolo SpA:Says, on June 16, the first date available in the time window specified under the terms of the Telco shareholders’ agreement, Intesa Sanpaolo has exercised its right to request the demerger of Telco.Says the execution is conditional upon obtaining the required clearances from relevant authorities.Says Intesa Sanpaolo to date holds about 7.3 pct of Telco’s share capital.Following the latter’s demerger, the Bank will own a direct shareholding in Telecom Italia, as a result of its pro-quota portion, equal to about 1.6 pct of the Telecom Italia ordinary share capital.Based on the closing price of the Telecom Italia ordinary share on June 13, the Intesa Sanpaolo stake in Telecom Italia would generate an unrealized capital gain, before tax, equal to about 35 million euros.  Full Article

Intesa Sanpaolo SpA launches 1 bln euros 7-year benchmark eurobond
Tuesday, 10 Jun 2014 10:41am EDT 

Intesa Sanpaolo SpA:Says it has launched a 1 billion euros senior unsecured benchmark eurobond targeted at international markets.It is a 7-year, fixed-rate issue under the Euro Medium Term Notes Programme of Intesa Sanpaolo.The 2 pct coupon is payable in arrears on June 18 of each year.The re-offer price is 99.690 pct.Considering the re-offer price, the yield to maturity is 2.048 pct per annum.The total spread for the investor is equal to the mid-swap rate plus 98 basis points.Settlement is due on June 18.Minimum denomination of the bond issue is 100 thousand euros and one thousand euros thereafter.The bond is not offered to the Italian retail market; it is distributed to international institutional investors and financial institutions.It will be listed on the Luxembourg Stock Exchange and, as usual, traded Over-the-Counter.Banca IMI, BofA Merrill Lynch, HSBC, Natixis and UBS Investment Bank act as joint lead managers for the placement of the bond.  Full Article

Banca Monte dei Paschi di Siena SpA and other shareholders including Intesa Sanpaolo SpA reach completed sale of 59.3 pct of SIA's share capital
Wednesday, 28 May 2014 04:10pm EDT 

Banca Monte dei Paschi di Siena SpA:Says Banca Monte dei Paschi di Siena, together with UniCredit, Intesa Sanpaolo SpA, and BNL have closed on May 28 the sale of 59.3 pct of SIA’s share capital.Of the 59.3 pct, 28.9 pct was held by Intesa Sanpaolo Group, 20.1 pct by UniCredit, 5.8 pct by Banca Monte dei Paschi di Siena and 4.5 pct by BNL.The sale was made to Fondo Strategico Italiano, F2i SGR and Orizzonte SGR.The consideration has been determined on the basis of an equity value for the 100 pct of the share capital of SIA equal to c. 765 million euros, of which c. 100 million euros paid as dividends before closing.As a result of the transaction, FondoStrategico Italiano will hold 42.3 pct in SIA, F2i SGR 10.3 pct, and Orizzonte SGR 6.7 pct.Intesa Sanpaolo and UniCredit will retain a 4 pct stake each, while Banca Monte dei Paschi di Siena and BNL have sold their shares in full and the other existing shareholders will retain the remainder 32.7 pct of SIA’s share capital.As a result of the transaction, Banca Monte dei Paschi di Siena will post a total positive P&L impact of about 37 mln euros.  Full Article

Intesa Sanpaolo agrees to sell stake in NH Hoteles-Reuters
Monday, 26 May 2014 12:24pm EDT 

NH Hoteles SA:Intesa Sanpaolo agreed to sell stake in NH Hoteles for 132.7 million euros ($181.2 million) through share sale and purchase agreement with China HNA Group-Reuters.After transaction is completed, Intesa Sanpaolo will hold 7.6 percent of Spanish hotels group.Agreement is between Intesa Sanpaolo on one side and HNA, parent company of Chinese airline Hainan Airlines, and its fully-owned special purpose vehicle Tangla Spain on the other.  Full Article

NK Rosneft' OAO updates on acquisition of indirect stake in Pirelli & C SpA from consortium of banks including UniCredit SpA, Intesa Sanpaolo SpA
Friday, 23 May 2014 08:00pm EDT 

NK Rosneft' OAO:Says that an agreement was signed that envisages the acquisition from an international consortium of banks including UniCredit SpA, Intesa Sanpaolo SpA, Clessidra fund a 50 percent share in the company, holding a 26.19 percent stake of Pirelli & C SpA.The deal criteria are determined on the basis of 12 euros per share price.The closing of the deal, including the transfer of ownership for the shares and the changes in the BoD of Pirelli & C SpA, will come off upon the approval of regulatory agencies and in accordance with the Italian, European and Russian law.By providing the closing of the deal Rosneft strengthens ties with Pirelli & C. SpA within the already entered engagements and the realization of plans of both companies for the expansion of joint Russian and international projects.  Full Article

Intesa Sanpaolo SpA announces settlement with defendants in action brought by former Banco Emiliano Romagnolo against its ceased directors and statutory auditors and its former General Manager
Friday, 23 May 2014 07:15am EDT 

Intesa Sanpaolo SpA:Says at its meeting of April 7, the Supervisory Board authorized the settlement of the action brought by the Extraordinary Commissioners of Banco Emiliano Romagnolo SpA (BER Banca).Says the action was against the former directors and statutory auditors and the former general manager and managing director at the above-mentioned bank.Says the action was brought by a writ of summons dated Dec. 27, 2010 against persons who had carried out management and supervisory functions in fiscal years prior to July 8, 2009.Says on July 8, 2009, BER Banca was placed under extraordinary administration by decree of the Ministry of Economy and Finance.Says Intesa Sanpaolo has succeeded BER Banca in this action following the merger by incorporation of the latter, effective Dec. 3, 2012.  Full Article

Intesa Sanpaolo SpA says Management Board approves merger by incorporation of Mediofactoring SpA into Intesa Sanpaolo SpA
Wednesday, 21 May 2014 05:48am EDT 

Intesa Sanpaolo SpA:Says, at the Management Board meeting held on May 15, it approved the merger by incorporation of Mediofactoring SpA into Intesa Sanpaolo SpA.  Full Article

Fitch affirms Intesa Sanpaolo SpA's ratings; outlook to stable
Tuesday, 13 May 2014 12:49pm EDT 

Intesa Sanpaolo SpA:Fitch has affirmed the BBB+ long-term rating, F2 short-term rating and bbb+ Viability Rating of the Intesa Sanpaolo.The outlook has been changed to stable from negative.  Full Article

Intesa Sanpaolo SpA approves FY 2013 dividend
Thursday, 8 May 2014 12:36pm EDT 

Intesa Sanpaolo SpA:Approves the FY 2013 dividend at 0.05 euros on each of the 15,508,406,321 ordinary shares and 0.05 euros on each of the 932,490,561 savings shares.Payment on May 22, ex-dividend on May 19 and record date on May 21.  Full Article

NH Hoteles buys out Intesa Sanpaolo stake in NH Italia
Monday, 14 Apr 2014 08:00pm EDT 

NH Hoteles SA:NH Hotel Group signed agreement to acquire 44.5 percent stake in NH Italia in exchange for shares from Intesa Sanpaolo SpA.Intesa Sanpaolo set up Italian joint venture with NH Hotel Group, which owns remaining 55.5 percent, in 2007.NH Hotel Group to reach 100 percent stake in NH Italia.Transaction entails issuance of 42,000,000 new shares at issue price of 4.70 euros per share.New shares to be subscribed exclusively by Intesa Sanpaolo in exchange for 445,000 shares representing its 44.5 percent interest in NH Italia.  Full Article

CORRECTED-Intesa CEO says bank could be centre of sector consolidation

MILAN, Oct 21 - Italy's biggest retail bank, Intesa Sanpaolo, could be a centre of consolidation in the banking sector but there is nothing on the table at the moment, its Chief Executive Officer Carlo Messina said on Tuesday.

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