UPDATE 1-Italy's Intesa revises BPER deal in UBI takeover after virus hit [Reuters (UK)]
INTESA SANPAOLO S/ADR (ISNPY)
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Source: Reuters
UPDATE 1-Italy's Intesa revises BPER deal in UBI takeover after virus hit - Reuters 3 Min Read (Adds details, comments) By Valentina Za and Andrea Mandala MILAN, March 19 (Reuters) - Italy’s Intesa Sanpaolo on Thursday said it was ready to accept a lower price in a deal it has agreed with BPER Banca to address possible antitrust issues in a proposed takeover of rival UBI Banca. The move follows a coronavirus outbreak which has killed more people in Italy than in any other country in the world including China and crippled the economy, driving a 45% drop in the market value of Italian banks. In a surprise all-share bid for UBI, Intesa last month offered 1.7 new shares for each UBI share tendered, to create the euro zone’s seventh-largest banking group with a focus on asset management and insurance. At the time, Intesa’s bid valued UBI at 4.9 billion euros, a figure which has now shrunk to 2.8 billion euros compared with UBI’s current market value of 2.6 billion. To win antitrust approva
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