Intesa secures 90.2% shareholder acceptance for UBI bid By Reuters

© Reuters. FILE PHOTO: The logo of Italian bank Intesa Sanpaolo in Milan

MILAN (Reuters) – Intesa Sanpaolo (MI:) concluded its tormented takeover battle for rival 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.

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