FonSai confirms merger plans
The board of Italian insurance company Fondiaria-SAI has confirmed merger plans with Unipol Gruppo Finanziaria, FonSai's parent company Premafin Holding di Partecipazioni, and its unit Milano Assicurazioni.
The board of Italian insurance company Fondiaria-SAI has confirmed merger plans with Unipol Gruppo Finanziaria, FonSai’s parent company Premafin Holding di Partecipazioni, and its unit Milano Assicurazioni.
Under the deal, Unipol will take a 61% stake in the merged business, FonSai will get 27.45%, Milano Assicurazioni will hold 10.7%, and Premafin will have 0.85% share.
In a statement, FonSai also said the board has agreed to assess the offer received last week by private equity funds Sator Capital and Palladio Finanziaria, granting them access for due diligence.
Last week, the two funds submitted a proposal to the board to raise €800m in capital, 50% more than the company’s current market capitalization for the group.
The merger plan is conditioned on the decision by the Ligresti family, which controls FonSai through Premafin, to drop a clause in the agreement that would prevent Unipol from taking or supporting legal action against the family over their past activity in Premafin or FonSai.
Jonella and Paolo Ligresti refused to renounce the clause last week, a decision which could force Unipol to bid for all of Premafin, as asked by Italian stock market regulator Consob.
