Shares Inter-Europa Bank Nyrt, the Hungarian unit of Sanpaolo IMI SpA, were suspended for the day on the Budapest bourse pending a public offer for the lender.
The shares of the lender also known as IEB stopped trading at 12:59 p.m. in Budapest, the bourse said in a statement. The lender asked for the shares to be suspended after determining that there will be a public offer for its stock today. Banca Intesa Spa said August 26 it wants to buy Sanpaolo for €29.6 billion ($38 billion) to create Italy's biggest bank. The move may involve merging their Hungarian units, IEB, and Intesa's Central European International Bank, analysts have said. IEB shares have added 36% since the announcement in August. They traded unchanged at Ft 4,900 before the suspension. (Bloomberg)