Italy’s antitrust gives green light to Unipol-FonSai deal

Italy’s antitrust authority Antitrust Autorità Garante della Concorrenza e del Mercato (Agcm) has released a conditional clearance for the plan submitted by insurer Unipol to take over Fondiaria-SAI, which will create the second biggest insurance group in the country.

Agcm conditioned the merger to the sale of Fondiaria’s stake in Generali and of Fondiaria parent Premafin’s stake in Mediobanca.

The deal was initially agreed in January, but is was delayed following a dispute arisen between Unipol and Fondiaria’s main owners, the Ligresti family, which control Fondiaria through Premafin.

Another condition set by the antitrust body says UniCredit, shareholder of Fondiaria and creditor bank at Premafin, must not take part in the future governance of the new entity.

Italy’s insurance regulator ISVAP asked the new group to appoint board members independent from the Ligresti family and to name a different chief executive from that of Unipol.

The deal is still awaiting approval from stock market body Consob.

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