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Intesa Sanpaolo Obtains Antitrust Approval For UBI Banca Offer

Intesa Sanpaolo (ISNPY.PK,IITSF.PK) said that the Italian Competition Authority authorized the acquisition of control of UBI Banca subject to the execution of structural sales.

Intesa reportedly agreed to sell more than 530 branches to BPER Banca, if the offer goes through, to win antitrust approval.

Earlier this month, Intesa launched an offer to exchange about 1.7 Intesa shares for each UBI stock.

UBI reportedly rejected the offer as inadequate.

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