UniCredit CEO says no M&A deal after Intesa's surprise UBI bid

MILAN (Reuters) – The head of UniCredit (MI:) repeated in a letter to staff on Wednesday that Italy’s biggest bank had no intention of engaging in merger and acquisition deals following Intesa’s (MI:) blitz move to buy rival UBI Banca (MI:).

“Let me reconfirm we have NO intention to do any M&A and we will not be drawn into any transactions,” CEO Jean Pierre Mustier said in a letter dated Feb. 19.

After shelving plan for a cross-border merger deal which he says is not possible given the sector’s depressed market valuations, Mustier has been focusing on boosting investor returns through a combination of dividends and share buybacks.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.