DOW JONES NEWSWIRES
Italian investment funds Palladio Finanziaria SpA and Sator
Capital Ltd said Monday they have sent a letter to the Italian
stock market regulator Consob and to Fondiaria-SAi SpA (FSA.MI)
seeking clarifications on a EUR1.1 billion capital increase
approved recently by FonSai, in an attempt to challenge Fonsai's
merger with Unipol Gruppo Finanziaria SpA (UNI.MI).
In a joint filing to the Italian stock exchange, the funds
questioned, among other things, that if the capital increase was in
and of itself enough to save FonSai, a tie-up with Unipol was
therefore unnecessary.
The two Italian investment companies, which have a combined 8%
stake in FonSai and have drafted a rival offer for the company,
turned to the market to promote their cause last week, saying their
offer was better for the troubled insurer and its shareholders than
the one proposed by Unipol because it was simpler and cheaper.
An offer to invest up to EUR450 million in FonSai's holding
company Premafin Finanziaria Holding di Partecipazioni SpA (PF.MI)
through a capital increase was launched jointly by the two funds in
late February and is due to expire April 30.
Premafin is bound by an exclusivity agreement with Unipol until
July and is also under pressure to accept Unipol's offer by
Mediobanca SpA (MB.MI), an Italian bank that is exposed to FonSai
for EUR1 billion in debt.
Exchange Web Site: www.borsaitaliana.it
-By Enza Tedesco, Dow Jones Newswires;
enza.tedesco@dowjones.com