Intesa snaps up UBI with 90% shareholder backing

Intesa Sanpaoloconcluded its tortuous takeover battle for rival UBIon Thursday, securing 90.2% of its target's shares to create Italy's biggest bank owning a fifth of the loan market.Intesa overcame fierce opposition from UBI's management to take over Italy's healthiest second-tier bank, in a move that sent shockwaves through the industry and set the stage for possible further consolidation."It's a chess game and this first important move will have consequences for the entire sector," Massimo Ma