Italy's Intesa Sanpaolo may have to delay launching a takeover bid for rival UBI until September as antitrust approval for the biggest European banking merger in a decade is taking longer than expected.
Intesa unveiled on February 17 an all-paper exchange offer for UBI to create the euro zone's seventh-largest banking group, and had expected to launch the bid at the end of June, soon after receiving regulatory clearance.
Italy's antitrust regulator, however, has only recently opened an inquiry into the transaction, and a ruling is only expected towards the end of July.
The antitrust body has said the merger would reshape Italy's banking landscape, ending the current "broad symmetry" between heavyweights Intesa and UniCredit and preventing UBI from leading moves to create a third large player.
All interested parties declined to comment.
To address possible antitrust issues, Intesa has agreed to sell some assets of the combined entity to BPER Banca.
UBI, BPER, and UniCredit have all been admitted to take part in the antitrust investigation, meaning they will be heard by the authority and can file briefs and access documents, a source said.
Insurer Cattolica – which has a 'bancassurance' accord with UBI allowing it to sell its products to the bank's client base – and UBI shareholder Fondazione Banca del Monte di Lombardia will also be involved.
Italian market watchdog Consob, which must approve the offer document before Intesa can launch it, only needs to wait for the go-ahead from banking and insurance supervisors, but will also likely await antitrust approval.
Thin market activity in August makes it more likely Intesa would then wait until September to launch the bid, sources said.
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Global state-owned investor ranking by size
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United States |
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2. |
China |
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3. |
UAE |
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4. |
Japan |
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5 |
Norway |
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Canada |
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7. |
Singapore |
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8. |
Australia |
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9. |
Saudi Arabia |
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South Korea |
AL%20BOOM
Scoreline
Liverpool 3
Mane (7'), Salah (69'), Firmino (90')
Bournemouth 0
MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Race card
1.30pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m
2pm: Handicap (TB) Dh 84,000 (D) 1,400m
2.30pm: Maiden (TB) Dh 60,000 (D) 1,200m
3pm: Conditions (TB) Dh 100,000 (D) 1.950m
3.30pm: Handicap (TB) Dh 76,000 (D) 1,800m
4pm: Maiden (TB) Dh 60,000 (D) 1,600m
4.30pm: Handicap (TB) Dh 68,000 (D) 1,000m
Dengue%20fever%20symptoms
Honeymoonish
MATCH INFO
Inter Milan 2 (Vecino 65', Barella 83')
Verona 1 (Verre 19' pen)
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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1.
2.
3.
4.
5.
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Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
While you're here
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
COMPANY%20PROFILE
MATCH INFO
Wales 1 (Bale 45 3')
Croatia 1 (Vlasic 09')
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Mohammed bin Zayed Majlis
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
