Italian investment funds Sator Capital and Palladio Finanziaria
said Wednesday they will launch a binding offer, expiring March 8,
to invest up to EUR450 million ($596 million) in a capital increase
by Premafin Finanziaria Holding di Partecipazioni SpA (PF.MI), the
holding company of Fondiaria-SAi SpA (FSA.MI).
In a joint filing sent to the Italian stock exchange, the funds
said their goal is to help strengthen Premafin capital base and to
support the announced recapitalization of Fondiaria-SAI.
The companies said their offer is conditioned, among other
things, to the attainment of no less than 60% of Premafin's
ordinary share capital by June 30 as well as the clearance from the
market regulator Consob not to force them to launch a takeover bid
on Premafin, Fondiaria-SAI or the latter's subsidiary Milano
Assicurazioni.
Meanwhile, Unipol Gruppo Finanziario SpA (UNI.MI) last month
announced its plans to merge with Fondiaria, Premafin and Milano
Assicurazioni through a complex operation that would see Unipol
take part in a number of capital increases. The resulting company
would become Italy's biggest insurer by premiums after
Assicurazioni Generali SpA (G.MI).
Exchange website: www.borsaitaliana.it
-By Enza Tedesco, Dow Jones Newswires,
enza.tedesco@dowjones.com