Economy Minister Roberto
Gualtieri said Wednesday Intesa Sanpaolo's planned takeover of
UBI Banca would spell an "important consolidation" of the
Italian banking sector.
Italy's biggest bank Intesa launched the takeover of the
country's fifth-biggest lender Tuesday.
"It's a market operation, there is a takeover in course, I
can't comment," said Gualtieri.
"Certainly it is important that there is a consolidation of
our banking system".
Gualtieri said "it is as well for politics to stay out" of
market operations.
The "non agreed" but not hostile all-share bid, worth some
4.86 billion euros, would create Europe's fourth-biggest bank,
bumping Intesa up from sixth.
It would create a group with three million customers.
Intesa said the operation was aimed at "further consolidating
its leadership" in the Italian banking sector.
Intesa CEO Carlo Messina said "the operation opens a new
chapter in the history of the group: we want to unite two
excellences of our banking system, Intesa Sanpaolo and UBI
Banca, to give life to a new reality, leader in sustainable and
inclusive growth".
"Together," Messina said, "we will create a European leader
able to reach a net profit of more than six billion euros in
2022".
"We surprised you by launching this takeover bid for UBI
Banca, we believe that it will create value for all the
stakeholders.
"We decided to do this operation because we are looking to
the future".
Messina said "our move was in line with ECB recommendations".
He said he hoped "UBI considers the bid a friendly one".
Messina said that Intesa had made a careful analysis of
possible tie-ups, after which it had decided that "UBI was the
best combination".
He said he did not think the operation would fall through.
Intesa President Gian Maria Gross-Pietro said the takeover
"was brilliantly conceived, valorises the two components to the
maximum...and resolves antitrust problems."
"It was not an easy operation", he said.
Compagnia di San Paolo President Francesco Profumo said "we
are already at the limit of investment".
Intesa shares rose over 3% on the Milan stock exchange while
UBI ones surged by almost 30%, above the takeover value.
The European Commission said the operation had not been
formally notified to Brussels.
ECB sources said the central bank had been informed and had
given an initial positive evaluation.
The Financial Times called the operation "an audacious
attempt to kick-start consolidation in Italy's fragmented
banking sector".
Reuters said the move had been a "surprise".
It said it "kicked off long-awaited consolidation among
Italian banks".
Intesa said it would offer UBI shareholders 17 newly issued
Intesa shares for every 10 UBI shares tendered to create a
European-sized player focused on wealth management and
insurance, managing more than 1.1 trillion euros in customers'
financial assets.
"The banking sector is heading for consolidation in the
coming years ... it is in Intesa's interest to reach a size that
will allow it to compete ... in Europe," Intesa said in a
statement.
The bank said it had picked UBI because it was very well
managed and had a similar business model, so as to minimise
integration risks.
UBI had no immediate comment. A source close to Intesa said
the move had not been previously agreed but was not hostile.
UBI is Italy's fifth-largest bank and the strongest among
second-tier lenders. It had long been tipped to play a prominent
role in an expected wave of mergers among mid-sized Italian
banks.
Intesa said the exchange offer valued UBI shares at 4.254
euros each. UBI shares closed up 5.5% on Monday at 3.491 euros
each after the bank presented a new three-year plan.
If the offer is successful Intesa will delist UBI as quickly
as possible and merge with it, targeting a combined profit of
more than 6 billion euros in 2022.
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