Palladio and Sator table the offer for FonSai
Italian private equity funds Palladio Finanziaria and Sator Capital have confirmed an investment offer to the board of Fondiaria-Sai (FonSai) which will be implemented with a €800m capital increase in FonSai to support the capital shortfall at the insurance company.
In the last five years, Fondiaria has seen its market value shrink to €396m from over 5bn, according to data from Thomson Reuters.
According to the statement released by the company, the funds would buy the new shares at a price between €1.5 and €2.5 per share.
The offer is currently subject to the approval of Italian authorities.
Palladio and Sator had already submitted a previous bid for Premafin Finanziaria Holding di Partecipazioni, FonSai’s holding company, based on a capital increase of €850m.
The offer expired at the end of April, with no acceptance from Premafin.
The company opted instead for the price offered by insurance company Unipol with a capital increase designed to have Unipol taking control of FonSai.
The deal is currently under the review of Italian competition authority Antitrust.