The board of Italian insurer Fondiaria-SAi SpA (FSA.MI) said
early Friday it has sent a proposal to its holding company Premafin
Finanziaria Holding di Partecipazioni SpA (PF.MI) and to its unit
Milano Assicurazioni, concerning the companies' tie-up with Unipol
Gruppo Finanziaria SpA (UNI.MI).
In a filing to the Italian stock exchange, the insurer, which
didn't offer any further details on the content of its proposal,
said the scheme will set the terms of the integration with
Unipol.
Premafin and Milano Assicurazioni will have until May 21 to
evaluate FonSAI's scheme, it added. Should it be approved by both
companies, it would then be submitted to Unipol for approval.
Earlier this year, Unipol announced its plans to merge with
FonSAI, 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).
Citing people close to the operation, Italian news agency ANSA
said Thursday that following the merger, Unipol would have 61% of
the new entity, FonSAI would own 27.45%, Milano Assicurazioni would
hold a 10.7% stake, while Premafin would have a 0.85% holding of
the company.
Premafin late Thursday requested a stake between 0.98% and 1.66%
in the resulting company.
In its Friday filing, FonSAI said its board has also decided to
further study the terms of a counteroffer by Italian investment
funds Palladio Finanziaria SpA and Sator Capital Ltd.
It added, however, the discussions on this offer would cease if
its proposal concerning the integration with Unipol, Premafin and
Milano Assicurazioni got clearance from all the companies
involved.
Exchange Web Site: www.borsaitaliana.it
-By Enza Tedesco, Dow Jones Newswires,
enza.tedesco@dowjones.com