UNI Unipol Gruppo SpA

MILAN--Unipol Gruppo Finanziario SpA (UNI.MI) said Wednesday that its board had accepted the latest proposal made by Fondiaria-SAI SpA's (FSA.MI) owners to merge and create Italy's second-biggest insurer after Assicurazioni Generali SpA (G.MI).

Unipol said in a statement its board had agreed to take a 61% stake in the company that would be created from the complex operation. Unipol had previously sought to have a 66.7% stake of the company after taking over Fondiaria-SAI.

It said in the statement that the board had given its chief executive the mandate to again propose its takeover offer to Fondiaria-SAI, its parent Premafin Finanziaria SpA (PF.MI) and its subsidiary Milano Assicurazioni SpA (MI.MI), adding that it expected a reply by June 11.

Write to Gilles Castonguay at gilles.castonguay@dowjones.com