DOW JONES NEWSWIRES
The board of Italian insurer Fondiaria-SAI SpA (FSA.MI) said
Monday that in the coming days it will call a new extraordinary
shareholders' meeting, which will likely take place at the end of
June, to reconfirm a EUR1.1 billion ($1.28 billion) capital
increase, among other things.
In a filing to the Italian stock exchange, the company said it
decided to convene a new meeting in light of the intention of two
of its shareholders, Sator Private Equity Fund and Palladio
Finanziaria, to challenge some of the decisions approved by a
previous holders' meeting in March, such as the issuance of new
shares and a capital increase.
Earlier this year, Unipol Gruppo Finanziaria SpA (UNI.MI)
announced its plans to merge with FonSAI, its parent company
Premafin Finanziaria Holding di Partecipazioni SpA (PF.MI) and its
unit 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).
Meanwhile in a separate filing, Milano Assicurazioni said Monday
it's willing to continue the merger negotiations with Unipol on the
basis that it will have at least a 10.7% stake in the merged
company.
Recent press reports suggested that FonSAI is proposing that
Unipol get 61% of the new entity, against a 66.7% sought by the
company; 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, however, is seeking a stake between 0.98% and
1.66% in the resulting company.
Meanwhile, Premafin's board meeting, which was scheduled to take
place on Monday to discuss FonSAI's ownership proposal on the new
merged entity, has been postponed until June 12.
Exchange Web Site: www.borsaitaliana.it
-By Enza Tedesco, Dow Jones Newswires,
enza.tedesco@dowjones.com