Intesa Sanpaolo has made a voluntary offer to acquire Unione di Banche Italiane, or UBI Banca, in a deal valued at €4.86bn ($5.27bn).
Under the proposed offer, UBI Banca shareholders will get 17 newly-issued shares of Intesa Sanpaolo for every 10 UBI Banca shares held, Intesa said in a statement.
