Conclusion of UBI Tender Offer
Intesa Sanpaolo’s public tender offer for UBI Banca shares, launched on February 17, 2020, ended on 30 July, with acceptance by 90.2% of UBI’s shareholders.
Following a five-month process, Intesa Sanpaolo successfully surpassed the two-thirds acceptance by UBI Banca shareholders needed to ensure the merger of UBI into Intesa Sanpaolo.
In a statement following the announcement of the provisional results, Intesa Sanpaolo CEO Carlo Messina said that a new European banking leader had been created.
Messina also underlined that Intesa Sanpaolo has become the first bank in Europe to launch a new consolidation phase that will strengthen the Continent’s banking sector.
Although Intesa Sanpaolo is one of the leading groups in Europe, it remains deeply rooted in the communities in which it operates. The development of an inclusive and sustainable growth model, Messina continued, becomes more pressing at a time when social and economic inequalities have been exacerbated by the COVID-19 pandemic.