Intesa very confident on positive outcome of bid for UBI -exec

Credit: REUTERS/STEFANO RELLANDINI

Intesa Sanpaolo's Gaetano Micciche, chairman of its IMI investment banking arm, said on Thursday he was very confident that its takeover bid for smaller rival UBI Banca would have a positive outcome.

MILAN, July 16 (Reuters) - Intesa Sanpaolo's Gaetano Micciche, chairman of its IMI investment banking arm, said on Thursday he was very confident that its takeover bid for smaller rival UBI Banca UBI.MI would have a positive outcome.

"I'm very confident about the outcome of the bid and I am deeply convinced of its benefits for Ubi's shareholders," he told local website Torinoggi.it.

Intesa Sanpaolo ISP.MI in February announced an all-paper exchange offer for UBI to create the euro zone's seventh-largest banking group, just days before the novel coronavirus outbreak in Italy.

The bid was formally launched on July 6 and runs until July 28.

As of July 15 investors had tendered 2.596% of the UBI shares required for the exchange, Borsa Italiana said in a statement.

(Reporting by Gianluca Semeraro, editing by Jason Neely)

((gianluca.semeraro@tr.com; +39 02 66 129 503;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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