MILAN: Intesa Sanpaolo SpA launched one of the biggest European banking deals since the financial crisis with an unsolicited €4.9bil (US$5.3bil) bid for smaller rival Unione di Banche Italiane SpA (UBI).
Shares in UBI rose as much as 23% in Milan and Intesa added 2.3% yesterday, as most Italian banks jumped on news of the bid.
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