July 13, 2020 / 6:34 PM / a month ago

Italy's Cattolica to tender its UBI Banca shares in Intesa bid

FILE PHOTO: UBI Banca Popolare Commercio & Industria logo is seen in Milan, Italy, February 28, 2016. REUTERS/Stefano Rellandini

MILANO (Reuters) - Italian insurer Cattolica Assicurazioni (CASS.MI) said on Monday it will tender all of its UBI Banca (UBI.MI) shares to the takeover bid launched by Intesa Sanpaolo on its smaller rival.

Intesa Sanpaolo (ISP.MI) unveiled in mid-February an all-paper exchange offer for UBI to create the euro zone’s seventh-largest banking group, just days before the novel coronavirus outbreak in Italy.

The bid was formally launched on July 6 and runs until July 28.

The Verona-based insurer, in which the top investors is Warren Buffett’s Berkshire Hathaway (BRKa.N), raised its stake in UBI to 1% of the bank’s capital in late February.

Its stake is part of a shareholder pact which holds 19% of UBI and which has rejected the Intesa takeover offer.

Reporting by Andrea Mandalà; editing by Stephen Jewkes

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