Intesa-Ubi, from Monday it is possible to deliver the shares for those who had not joined the OPS

MILANO – Intesa shares or cash consideration. Ubi Banca shareholders who have not adhered to the public purchase and exchange offer successfully launched by Intesa Sanpaolo will be able to have their shares withdrawn by the bank led by Carlo Messina.

From Monday 24 August until 11 September, Ubi Banca shareholders who have not adhered to the Intesa Sanpaolo ops will be able to exercise the right to sell their shares to Cà de Sass. Confirming the period for this phase of the operation was a note from the bank, issued on Friday, in which the dates and the start of the sales request submission period are confirmed.

Ubi shareholders will be able to exercise the right to sell, which took effect following the exceeding the 90% threshold of the capital by Intesa, under the same conditions provided for by the OPS (exchange of 1.7 shares plus a consideration of 0.57 euros in cash) or against a cash consideration of 3.539 euros.

If, following the purchase obligation, Intesa Sanpaolo comes to hold an overall shareholding greater than or equal to 95% of Ubi’s share capital, the bank will then exercise the right to purchase against Ubi shareholders.

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Intesa wins 5 paintings auctioned by Unicredit – Economy

Masterpieces by Gerhard Richter, Sam Francis and other masters of contemporary painting from Unicredit to Intesa Sanpaolo, which has invested around 15 million euros for five pieces from the collection of the group led by Jean Pierre Mustier, and which intends to exhibit them in its galleries by the end of the year.

The story is told by Repubblica in its economics pages, referring to how in 2019 Unicredit decided to start the sale of its artistic collection, “to finance the ‘social impact bank’ activities in ten European markets by developing microcredit and support for the most disadvantaged “. The bank, explains the newspaper, had chosen how Christie’s batsman, e the first auction took place on 4 October last February at the London headquarters of the auction house, which was then followed by two more, one in the British capital and one in Amsterdam, in February, in addition to other online sales.

The five works awarded to Intesa Sanpaolo at the London auction have in fact changed hands at a price of over 15 million, including commissions, explains Repubblica, reporting that the two banks “have not denied the rumors collected”. In particular, the most important of the five works is the masterpiece of Gerhard Richter ‘Abstraktes Bild’, from 1984, large oil on canvas that would have been sold for the equivalent of 7.7 million euros at current exchange rates. Richter is considered to be among the most influential living painters in the world. Intesa also bought the ‘Erotic Arabesque’ acrylic by Californian Sam Francis, dated 1987: it is a work, writes Repubblica, of a similar period and style, which in the past belonged to the Banca di Roma.

The Roman newspaper explains that the other three purchases by the group led by Carlo Messina would also come from the same trend of contemporary non-figurative art. “Intesa Sanpalo cares so much about its collections – adds the report – that since 2017 it has revalued them in the financial statements, recording at the market value of 271 million its main 3,500 works of art, to which the five new canvases that were by Unicredit are now added “.

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