Nagel investigated by Milan prosecutors in Premafin-Fondiaria deal

Alberto Nagel, chief executive of Italy’s investment bank Mediobanca, is being investigated by Milan prosecutors for allegedly obstructing the regulatory compliance of a merger deal.

The investigation is related to the four-way merger currently in progress between Premafin, Fondiaria-Sai, Milano Assicurazioni and Unipol.

Nagel (pictured) is investigated for having obstructed regulators by guaranteeing €45m and other benefits to Salvatore Ligresti, head of the family which before the deal controlled Premafin and consequently Fondiaria-Sai and Milano Assicurazioni.

This would have broken one of the conditions required by Consob, Italy’s stock market regulator, to give its green light to the merger.

Nagel has so far rejected all the accusations.

Last week, Unipol took control of Premafin through a reserved capital increase, excluding the Ligresti family from the company’s ownership.

Premafin owns 36% of Fondiaria-Sai, which in turn has a controlling stake in Milano Assicurazioni.

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