By Gilles Castonguay
MILAN--Unipol SpA (UNI.MI) said market regulator Consob has
absolved the company of the obligation to acquire all of Milano
Assicurazioni SpA (MI.MI) in a complex operation that would create
Italy's second-biggest insurer through the combination of four
companies.
Consob's decision is one of the final regulatory approvals
awaited by Unipol before it goes ahead with a plan to take control
of holding company Premafin Finanziaria SpA Holding di
Partecipazioni (PF.MI) and its subsidiaries Fondiaria-SAI SpA
(FSA.MI) and Milano Assicurazioni.
Requiring Unipol to take over all of Milano Assicurazioni would
have risked the operation going ahead.
Unipol announced the regulator's decision in a statement late
Thursday.
Once it completes the merger, Unipol will be the second-biggest
insurer in the country after Assicurazioni Generali SpA (G.MI).
The process of combining the companies will take place through a
series of capital increases. Unipol will first raise funds to
proceed with the operation, and then participate in capital
increases by Premafin and Fondiaria-SAI, taking controlling stakes
in the pair of them.
Fondiaria-SAI said in a statement early Friday its board had
approved the conditions for its capital increase, including the
issuance of 252 ordinary shares for every one held at a price of
EUR1 per ordinary share.
Write to Gilles Castonguay at gilles.castonguay@dowjones.com