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Intesa Sanpaolo to absorb unit Banca Apulia

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Intesa Sanpaolo to absorb unit Banca Apulia

Intesa Sanpaolo SpA said May 20 that it signed a deed for merger by incorporation of unit Banca Apulia SpA, which will come into effect May 27.

The transaction will lead to a capital increase of 128,646.96 for Intesa through the issuance of 247,398 ordinary shares.

Moreover, 0.335 ordinary share of Intesa will be assigned for every ordinary and preferred share of Banca Apulia, held by entities other than Intesa. The newly issued shares will be assigned to shareholders of the company to be merged, other than Intesa, against the cancellation and the exchange of Banca Apulia's ordinary and preferred shares.

Banca Apulia's shareholders who do not receive a whole number of Intesa ordinary shares after applying the exchange ratio will be allowed to trade fractions of Intesa's shares to ensure that they hold a whole number of shares.

The sale and purchase of the fractions of shares will be liquidated based on the official price of Intesa's ordinary shares on the Italian stock exchange on May 24.

As of May 20, Intesa holds a 97.12% stake in Banca Apulia, according to S&P Global Market Intelligence data.