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UBI Banca shares jump after Intesa $5.44 billion takeover offer

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Christian Fernsby ▼ | February 19, 2020
Shares of Unione di Banche Italiane, or UBI Banca, surged in trading yesterday morning following a surprise offer made by larger peer Intesa Sanpaolo on Monday night to buy the Italian lender.
UBI Banca
Acquisition   UBI Banca
The proposed all share deal which values UBI Banca at 5.02 billion euros ($5.44 billion) would mean shareholders receive 17 Intesa Sanpaolo shares for every 10 UBI Banca shares held.

Topics: UBI Banca Intesa takeover

Intesa plans to delist UBI Banca, which is the fourth largest banking group in Italy by number of branches, with a market share of about 7%.

Shares of UBI Banca at 0844 GMT were up 26% to EUR4.40, while Intesa Sanpaolo shares traded 1.6% higher at EUR2.58.