MILAN (Reuters) – Intesa Sanpaolo <ISP.MI> concluded its tormented takeover battle for rival UBI <UBI.MI> on Thursday, securing 90.2% of its target’s shares as it prepares to create Italy’s biggest bank owning a fifth of the lending market.
Intesa overcame fierce opposition from UBI’s management to snatch up the healthiest Italian second-tier bank, in a move that sent shockwaves through the industry and set the stage for possible further consolidation.
(Reporting by Valentina Za; editing by James Mackenzie)
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