Intesa secures 90.2% shareholder acceptance for UBI bid

MILAN (Reuters) – Intesa Sanpaolo concluded its tormented takeover battle for rival UBI 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)