Intesa Sanpaolo won't improve the terms of its takeover offer for UBI Banca and is discussing with Italy's market regulator whether or not the pandemic triggered a clause giving the buyer a way out, a top executive was quoted as saying.

Intesa Chief Governance Officer Paolo Grandi said in an interview with Germany daily Boersen Zeitung of which Intesa provided a translation that the bank would not comment publicly on the "material adverse change" (MAC) clause which UBI says has been triggered by the pandemic, rendering the takeover offer ineffective.

(Reporting by Gianluca Semeraro; writing by Valentina Za)