MILAN (Thomson Financial) - Intesa Sanpaolo SpA said it has decided to
tender its entire 8.11 percent stake in Immobiliare Lombarda Spa and accept the
public offer from Fondiaria-SAI SpA.
Fondiaria-SAI's offer targets the 38.73 percent of shares in Immobiliare
Lombarda it does not already own. The value of the bid attracted criticism from
an Immobiliare Lombarda adviser.
Intesa Sanpaolo said it justified its decision to accept the offer because
of the upcoming Immobiliare Lombarda dividend, and uncertainty over the likely
future trend and liquidity in the share.
The offer for each 46 Immobiliare Lombarda shares comprises one share in
Fondiaria-SAI quoted unit Milano Assicurazioni SpA plus 1.752 euro cash.
Intesa Sanapolo said the Milano Assicurazioni shares represent about 70 pct
of the offer price and have traditionally paid a significant dividend yield.
It will receive about 45 million euros from selling the Immobiliare Lombarda
shares, making a 1.6 million euro capital gain, it said.
Fondiaria-SAI's offer for Immobiliare Lombarda will close on Thursday.
nigel.tutt@thomson.com
nt/wj
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