MILAN (Reuters) – Parvus Asset Administration Europe, a key UBI shareholder, will make your mind up no matter if to accept Intesa Sanpaolo’s takeover offer for the Italian bank just after publication of the official document on the offer, Parvus’ founder reported on Wednesday.
FILE Photograph: The Intesa Sanpaolo brand is viewed in Milan, Italy, January eighteen, 2016. REUTERS/Stefano Rellandini
Intesa Sanpaolo (ISP.MI), which unveiled a proposed bid for smaller rival UBI Banca (UBI.MI) in February to generate the euro zone’s seventh-greatest banking group, expects a environmentally friendly gentle from the Italian market regulator this week to publish its present doc.
London-based mostly Parvus retains 8.6% of UBI and is a single of the major traders in the lender together with Silchester Worldwide Traders, a further United kingdom-dependent fund which also holds 8.six%.
“We’re awaiting the prospectus to get a closing final decision …, but we will not make it general public. Our evaluation will be based only on economics,” Parvus founder Edoardo Mercadante told Reuters in excess of the cellphone.
Parvus, which manages five.four billion euros in property, will glimpse at the two banks’ stand-by itself intrinsic benefit and how investors will benefit from the synergies the offer is predicted to produce.
Mercadante said Parvus had picked UBI and UniCredit (CRDI.MI) for an expenditure in Italian banking institutions pushed by reduced valuations. Parvus has been a UBI investor due to the fact late 2017.
Mercadante said Italy’s regulator Consob experienced questioned Parvus in current weeks to depth the transactions relating to its UBI stake.
There has been speculation in the Italian media that Parvus may possibly have ties with local UBI shareholders.
Mercadante claimed Parvus had only one Italian consumer. Its prospects are largely U.S. investors with a non-speculative strategy these universities or foundations, he mentioned.
“Parvus has never ever had any contacts with other UBI shareholders. Because investing in the bank, I’ve never satisfied with everyone who is an investor in UBI or is joined to UBI in other approaches,” he said.
Institutional buyers such as Parvus could enjoy a crucial position in the fate of Intesa’s bid after the offer fulfilled resistance from some neighborhood shareholders holding in aggregate just earlier mentioned 20% of UBI. [nR1N2BX02M] [nL8N2BU4Z2]
The present is valid with a acquire-up of just fifty% additionally a person share, but the initially qualified sixty six.seven% acceptance threshold would guarantee Intesa handle of amazing shareholder resolutions, allowing for it to integrate UBI and maximise synergies.
Reporting by Valentina Za and Andrea Mandala. Enhancing by Jane Merriman