June 12, 2020 / 7:33 AM / 2 months ago

Italy's insurance regulator to rule next week on Intesa's UBI offer - source

MILAN, June 12 (Reuters) - Italy’s insurance regulator IVASS is expected to rule early next week on the takeover offer by Intesa Sanpaolo for rival UBI, a source close to the matter said.

IVASS’s ruling is the last regulatory approval needed for market watchdog Consob to be able to examine the offer’s prospectus given that the European Central Bank, the Bank of Italy and another Luxembourg-based authority have already given their green light to the bid.

Based on current rules, Consob has five working days from IVASS’s decision to rule on the prospectus, a person familiar with the matter said. (Reporting by Valentina Za and Andrea Mandala, editing by Agnieszka Flak)

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