Hostile takeover in the Italian banking sector: the case of Intesa Sanpaolo and UBI Banca
De Pasquale, Francesco (A.A. 2024/2025) Hostile takeover in the Italian banking sector: the case of Intesa Sanpaolo and UBI Banca. Tesi di Laurea in M&A and investment banking, Luiss Guido Carli, relatore Leopoldo Maria Attolico, pp. 102. [Master's Degree Thesis]
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Abstract/Index
Banking sector context. European banking landscape. Major banks in the eurozone. Italian banking landscape. The hostile takeover of UBI Banca by Intesa Sanpaolo. Announcement of the offer. Hostile takeover. Strategic and operating objectives. Conditions for the effectiveness of the offer. Authorizations. BPER and Unipol agreements in the context of antitrust regulations. Valuation. Valuation challenges and determination of the exchange ratio. Valuation methods used. Stock market price method. The linear regression method. The market multiples method. Control valuation methods. Determination of the fixed exchange ratio. The answer by UBI Banca. All-stock offer: inadequate risk compensation for UBI shareholders and disproportionate value allocation. Valuation by UBI Banca. Independent valuation analyses conducted by credit suisse and Goldman Sachs. UBI Banca’s board deems the offer inadequate. Final offer by Intesa Sanpaolo. Overview of the revised offer. Regulatory authorizations. Results of the offer. Mandatory purchase of UBI residual shares. Completion of the purchase obligation, joint procedure, and final delisting of UBI Banca. Recognition and measurement of the UBI Banca acquisition under IFRS 3. Outlook: the new Italian banking sector after the integration. UniCredit–Banco BPM. Strategic goals and deal tactics. How Banco BPM responded. Offered premium and value allocation. Golden power and state involvement. Recent major M&A activities in the Italian banking sector.
References
Bibliografia e sitografia: pp. 97-100.
| Thesis Type: | Master's Degree Thesis |
|---|---|
| Institution: | Luiss Guido Carli |
| Degree Program: | Master's Degree Programs > Master's Degree program in Corporate Finance, English language (LM-77) |
| Chair: | M&A and investment banking |
| Thesis Supervisor: | Attolico, Leopoldo Maria |
| Thesis Co-Supervisor: | Pattofatto, Leone |
| Academic Year: | 2024/2025 |
| Session: | Summer |
| Deposited by: | Alessandro Perfetti |
| Date Deposited: | 23 Sep 2025 14:58 |
| Last Modified: | 23 Sep 2025 14:58 |
| URI: | https://tesi.luiss.it/id/eprint/43278 |
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