MILAN (Italy) – Italy’s insurance regulator IVASS is slated to rule early next week on Intesa Sanpaolo’s takeover offer for rival UBI, a source said.
The ruling of IVASS is awaited as it is the last regulatory approval needed for market watchdog Consob to examine the offer’s prospectus as the European Central Bank, the Bank of Italy and another Luxembourg-based authority have already given their nod to the bid.
Once IVASS’s decision comes out, Consob has five working days to rule on the prospectus, a person familiar with the matter said.
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