Sator/Palladio offer €800m for Fondiaria

Matteo Arpe’s (pictured) private equity fund Sator and Palladio Finanziaria have revised their offer to rescue troubled Italian insurer Fondiaria-SAI and proposed a capital increase of €800m.

The amount is 50% more than the insurer’s current market capitalization.

According to the tabled proposal, the funds would subscribe €400m of the prosed amount at a price of between €2 to €2.5 per share, while the remaining €400m will be offered to all Fonsai’s stock holders in the form of stock options.

In a joint statement, Sator and Palladio said this offer is an enhancement of the agreement with Unipol.

Sator and Palladio together own 8% of Fondiaria-SAI, while Italian bank UniCredit owns 7%.

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