BlackRock buys 5% stake in Italy’s insurer Unipol

US asset management firm BlackRock has bought a 5% stake in Italian insurer Unipol, currently involved in a four-way merger process with troubled Fondiaria-SAI.

According the filings published by Italy’s market regulator Consob, the US company acquired a 5.03% stake on July 30.

The Italian press reported the deal first, according to which BlackRock paid about €2 for each share of the company.

In order to complete the merger with Fodiaria-SAI, Unipol has agreed to a series of capital increases, among which a rights issue of €1.1bn, which was 72.9% subscribed.

Unsubscribed options rights at a later date, Unipol said.

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