Italian insurer Fondiaria-SAI Spa (FSA.MI) said late Wednesday
its capital increase for 1.1 billion euros ($1.22 billion) has been
subscribed by 68.3% of its shareholders as part of a planned merger
with Unipol Gruppo Finanziario SpA (UFGSY, UNI.MI).
In a filing to the Italian stock exchange, the company said the
options rights that weren't subscribed will be offered to the
market at a later date.
Under a complex merger deal involving four insurers, Unipol will
take 61% in the new business, FonSAI will get 27.45%, Milano
Assicurazioni SpA (MI.MI) will have a 10.7% stake and Premafin
Finanziaria SpA Holding di Partecipazioni (PF.MI), the parent
company of FonSAI and Milano Assicurazioni, will have 0.85%.
Unipol now holds a 81% stake in Premafin, after it underwrote a
EUR400 million Premafin capital increase. Both Unipol and FonSAI
carried a twin rights issue needed for the merger.
In a separate statement, Unipol said late Wednesday that its
EUR1.1 billion capital increase was 72.9% subscribed. Unipol also
said it will offer the options rights that weren't subscribed to
the market at a later date.
Exchange Web Site: www.borsaitaliana.it
Write to Enza Tedesco at enza.tedesco@dowjones.com
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