MILAN, June 14 (Reuters) - Italian bank BPER Banca will hold a board meeting later on Sunday to approve a revised deal with Intesa Sanpaolo that addresses antitrust issues in Intesa’s takeover bid for UBI Banca, a source close to the matter said.
Intesa Sanpaolo launched a bid for smaller rival UBI Banca in February but the deal has run up against antitrust hurdles.
To get the green light for the bid, Intesa had struck a deal under which BPER Banca would buy up to 500 branches and about 20 billion euros ($22.51 billion) in assets from the new group.
But Italy’s antitrust authority said earlier this month the takeover would strengthen or create a dominant position for Intesa in several areas.
Intesa now aims to submit further antitrust remedies by 0800 GMT on Monday, increasing the number of branches sold to BPER Banca by at least 10%, a person familiar with the matter has said.
On Sunday the source said the board would clear a new deal with Intesa later in the day, without elaborating on details.
A final antitrust hearing in Italy is scheduled for June 18 but a verdict is not expected until late July, complicating matters for Intesa which had initially planned to launch its bid before the summer holiday period, by which time it had expected to have cleared all regulatory hurdles. ($1 = 0.8886 euros) (Reporting by Andrea Mandala, writing by Francesca Landini. Editing by James Mackenzie and Jane Merriman)