Intesa Sanpaolo has received the regulatory nod from Italian market watchdog Consob for its offer to acquire smaller rival UBI Bank.

The regulator has approved the unsolicited, all-paper offer submitted by Intesa back in March for UBI Banca’s acquisition.

However, the deal is subject to the final approvals from antitrust body Italian Competition Authority (ICA), a final word on which is expected to come in July.

As per the proposal, Intesa will offer 1.7 new shares for each UBI share capital. The deal, upon closure, is expected to create Eurozone’s seventh-largest bank.

The acceptance period to buy UBI Banca, which is in agreement of Borsa Italiana – the Italian Stock Exchange (ISE), is set to begin on 6 July and close by 28 July.

The consideration will be paid to shareholders at 3 August, unless the acceptance period has been extended.

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The dates are subject to extension in compliance with applicable regulations.

In February, Intesa Sanpaolo launched a €4.9bn bid to acquire smaller rival UBI Banca. The deal is expected to close by the end of this year.

Earlier this month, Intesa Sanpaolo secured the green light from European Central Bank (ECB) to acquire UBI.

Last week, Intesa revised its deal terms with local rival BPER Banca to clear antitrust hurdles for UBI Banca acquisition.