Italy's Fondiaria moves Mediobanca stake to escrow account
MILAN (Reuters) - Debt-stricken Italian insurer Fondiaria-SAI's (FOSA.MI) 3.9 percent stake in investment house Mediobanca (MDBI.MI) will be moved to an escrow account to comply with antitrust requirements for Fondiaria's merger with Unipol (UNPI.MI).
Insurance rival Unipol agreed in January to rescue Fondiaria in a complex four-way merger deal brokered by Mediobanca, which was Fondiaria's biggest creditor.
Italy's antitrust authority said in June that its approval of the merger was conditional on Fondiaria selling its Mediobanca stake by the end of 2013 and the transfer was agreed as a measure to sterilize the stake's voting power until a sale is completed.
Mediobanca's core shareholders approved the transfer to an escrow account at BNP Paribas (BNPP.PA), Mediobanca said in a statement on Thursday.
Mediobanca is the biggest shareholder in Generali (GASI.MI), Italy's largest insurer.
(Reporting by Francesca Landini; Editing by David Goodman)
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