Intesa kicks off Italian bank consolidation with $5.3 billion bid for UBI
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MILAN (Reuters) - Intesa Sanpaolo kicked off on Monday long-awaited consolidation among Italian banks with a surprise 4.86 billion euro (4.05 billion pounds) takeover bid for smaller rival UBI Banca .Italy's top retail bank said it would offer 1.7 newly issued shares for every UBI share tendered to create a European-sized player focused on wealth management and insurance, with more than 1.1 trillion euros in customers' financial assets."The banking sector is heading for consolidation in the..