February 26, 2020 / 6:30 PM / in a month

Cattolica Assicurazioni joins UBI shareholder pact that opposes Intesa bid

MILAN, Feb 26 (Reuters) - Italy’s insurer Cattolica Assicurazioni said on Wednesday it had joined a group of UBI Banca shareholders which last week rejected Intesa Sanpaolo’s takeover offer for the Italian lender.

Intesa last week announced an all-paper offer to buy smaller peer UBI and create the euro zone’s seventh-largest bank by assets, focused on wealth management and insurance and in charge of more than 1.1 trillion euros in customers’ financial assets.

Cattolica Assicurazioni said it has raised its stake in UBI capital up to 1.01% from 0.5% previously held as a long-standing position, through purchases on the stock market over the past two weeks.

The so-called CAR shareholder pact, which prior to Cattolica’s move controlled some 18% of UBI stock, said last week the Intesa bid was unacceptable.

Reporting by Andrea Mandalà; editing by James Mackenzie

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