The board of Premafin Finanziaria Holding di Partecipazioni SpA
(PF.MI), the parent company of Italian insurer Fondiaria-SAI SpA
(FSA.MI), said late Wednesday it has agreed on FonSAI's stake
proposal to get a 0.85% stake in a new company resulting from a
merger with Unipol Gruppo Finanziaria SpA (UNI.MI) and FonSAI's
unit Milano Assicurazioni.
In a filing to the Italian stock exchange, Premafin said it has
agreed to carry on with the negotiations with Unipol.
FonSAI recently proposed Unipol get 61% of the new entity,
instead of the 66.7% sought by the company, FonSAI receive a 27.45%
holding, Milano Assicurazioni hold a 10.7% stake and Premafin hold
0.85% of the company. Premafin was initially seeking a stake
between 0.98% and 1.66% in the resulting company.
On Monday, Milano Assicurazioni also agreed on FonSAI's share
ownership proposal.
According to Italian news agency ANSA, a letter with FonSAI's
stake proposal will be sent to Unipol Thursday, while FonSAI will
set terms, conditions and a timeframe for the operation following
its board meeting on Friday.
Exchange website: www.borsaitaliana.it
-By Enza Tedesco, Dow Jones Newswires,
enza.tedesco@dowjones.com