Italy's Intesa says regulator approved document for UBI takeover bid

The unsolicited, all-paper offer which Intesa announced in February has received green lights from banking and insurance supervisors, while an antitrust review of the deal is still ongoing and a verdict is expected only next month.Intesa is offering 1.7 new shares for each UBI stock in a bid to create the euro zone's seventh-largest banking group and drive profits through cost cuts and a focus on insurance and wealth management amid an economic slump caused by the pandemic.