Intesa Sanpaolo last year snatched the healthiest among Italy's second-tier banks following a strenuous takeover battle, reaping a multi-billion paper profit thanks to discounted market valuations for banks.
Intesa published details of its all-paper bid for UBI on Friday, following a green light from market regulator Consob.
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.