LAWFUEL – Law News Network – Davis Polk & Wardwell is advising Sanpaolo IMI S.p.A. on its proposed merger with Banca Intesa S.p.A. Sanpaolo IMI, headquartered in Turin and Rome, Italy, and Banca Intesa, headquartered in Milan, Italy, are two of the premier banking and financial groups in Italy.
According to the terms of the stock merger agreement, Intesa will offer 3.115 new shares for each ordinary and preferred share in Sanpaolo IMI, valuing the transaction at approximately €65 billion. The transaction has been approved by the boards of directors of both companies and is expected to be completed by the start of 2007, pending regulatory and shareholder approvals. The merged entity would be the largest banking group in Italy by market capitalization and number of branches.
The Davis Polk corporate team includes partners Joseph Rinaldi of the Paris office and Luigi L. De Ghenghi of the London office and associate Antonio Mori of the London office.