MILAN: Intesa Sanpaolo said a failure to incorporate rival UBI Banca in a planned takeover bid would only slightly lessen prospective synergies, leaving a 2022 profit goal of at least 5 billion euros ($5.6 billion) unaffected.

Intesa published details of its all-paper bid for UBI on Friday, following a green light from market regulator Consob, ahead of launching the offer from July 6.

The offer is valid with a take-up of 50% plus one share.

Intesa warned that it may not be able to incorporate UBI if take-up is below a 66.67% threshold which guarantees control of extraordinary shareholder resolutions.

In this case synergies the deal is expected to yield will total 611 million euros before taxes in 2024, instead of the 700 million euros expected in case of a merger.

Intesa said higher costs if it were to keep UBI as a separate legal entity would not stop it from reaching a profit of no less than 5 billion euros in 2022.