UBI tells Italy market regulator Intesa's takeover bid no longer valid
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MILAN (Reuters) - UBI Banca has told Italy's market regulator Consob that a proposed takeover offer by bigger rival Intesa Sanpaolo should no longer be considered as valid, the country's fifth-largest bank said on Tuesday.UBI said it believed the COVID-19 outbreak constituted a "material adverse change" (MAC) which, under contractual clauses customarily included in acquisition deals, gives the buyer the right to walk away from the purchase before closing."UBI felt it was its duty to bring to..