Italy’s Intesa Sanpaolo has wrapped up the takeover of local rival UBI Banca after securing 90.2% of UBI’s shares, Reuters reported.

The final take-up of the shares tendered is expected to reach 85% of UBI’s capital.

Intesa said that the acquisition will create the seventh-largest bank in Eurozone with €950bn ($1.1trn) in total assets.

The lender intends to merge UBI into the group to maximize savings and achieve €700m in targeted synergies by 2024, the report added.

The $4.8bn takeover bid was formally launched on 6 July with a closing date of 28 July.

However, Italy’s market regulator Consob extended the offer period until 30 July.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Intesa was then able to obtain support from two-thirds of UBI’s shareholders – representing 72% of capital.

Intesa now intends to buy the residual stakes in UBI by offering investors the choice to tender their shares with the same terms or receive cash based on a five-day average share value.

Intesa first launched the €4.9bn takeover bid to acquire UBI Banca in February.

Last month, Intesa secured the green light from the European Central Bank (ECB).

Earlier this month, Intesa secured the antitrust nod from the Italian Competition Authority (AGCM) after revising its deal terms with local rival BPER Banca.

As per the revised deal, Intesa agreed to sell 532 branches to BPER Banca, which is expected to be completed by year-end, according to Reuters.

Intesa has also secured the market regulator nod.