DOW JONES NEWSWIRES
Italian investment funds Palladio Finanziaria SpA and Sator
Capital Ltd said Wednesday they have sent a new investment offer to
the board of Fondiaria-SAi SpA (FSA.MI), in which they commit to
buy EUR300 million to EUR400 million of a EUR800 million capital
increase in FonSai to salvage the insurer.
As part of their proposal, the funds would buy the new shares at
a price between EUR1.5 and EUR2.5 per share, while no less than
EUR400 million will be offered in options to FonSai's shareholders.
FonSai shares closed at EUR0.857 Wednesday.
The offer is subject to approval from authorities and
confirmation by Italian stock market regulator Consob waiving the
obligation to launch a takeover bid on FonSai and its Milano
Assicurazioni unit.
In an attempt to frustrate an offer launched by Unipol Gruppo
Finanziaria SpA (UNI.MI), the two funds had earlier this year
launched a first offer to invest up to EUR450 million in FonSai's
holding company, Premafin Finanziaria Holding di Partecipazioni SpA
(PF.MI), through a capital increase. The offer expired at the end
of April.
On Wednesday, Palladio and Sator said their new offer is better
than Unipol's because it guarantees continuity and independence, as
Italy's second-largest group and its proposed capital increase will
produce a less dilutive effect on the shares.
In mid-April Premafin accepted the price offered by Unipol to
take part in a capital increase in a the first of a series of
operations designed to have Unipol take control of FonSai.
Exchange Web Site: www.borsaitaliana.it
-By Enza Tedesco, Dow Jones Newswires,
enza.tedesco@dowjones.com