June 4, 2020 / 11:33 AM / a month ago

Ubi shareholder says won't accept Intesa offer with current terms

FILE PHOTO: UBI Banca Popolare Commercio & Industria logo is seen in Milan, Italy, February 28, 2016. REUTERS/Stefano Rellandini

MILANO (Reuters) - Intesa Sanpaolo’s (ISP.MI) takeover offer for UBI Banca (UBI.MI) cannot be accepted with current terms, an UBI shareholder said on Thursday.

Intesa announced in mid-February an all-paper exchange offer for UBI to create the euro zone’s seventh-largest banking group.

“If it will be proved that the exchange offer is in public interest we will accept it, but not with current terms,” Giandomenico Genta, the chairman of UBI’s investor Fondazione Cassa di Risparmio di Cuneo (CRC) told a local paper.

Genta said Ubi was already considering deals to create Italy’s largest banking group before the offer by Intesa was made - including one with Bper Banca (EMII.MI) - and that it would likely resume its consolidation plans if the Intesa offer fell through.

Reporting by Andrea Mandalà; editing by Giulia Segreti

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