BPER Banca Agrees to Capital Increase Ahead of Intesa Branches Disposal
September 30 2020 - 7:15AM
Dow Jones News
By Mauro Orru
BPER Banca SpA said Wednesday that its board of directors has
agreed to a share capital increase of up to 802.3 million euros
($942.1 million) as it prepares to buy 532 bank branches from
Intesa Sanpaolo SpA along with related assets, liabilities and
legal relationships.
The Italian retail lender said the increase would be at price of
EUR0.90 per share, with a timetable stretching from Oct. 5 to Oct.
23.
The operation will give BPER Banca more liquidity to pay for
assets Intesa agreed to divest as part of its deal to take over
Unione di Banche Italiane SpA. The disposal should be completed
partly in the second half of February 2021 and partly in the second
quarter of the year.
Intesa launched a surprise takeover bid for UBI in February, in
a deal to create Italy's largest bank by assets and the eurozone's
second-biggest by market capitalization. UBI shares will be
delisted from the Italian stock exchange on Oct. 5 following
Intesa's successful takeover.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
September 30, 2020 08:00 ET (12:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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