MILAN, April 27 Italian insurer Fondiaria-SAI's
capital increase scheduled for June gives enough time
for the Antitrust Authority to complete its probe into the
insurer's planned merger with smaller competitor Unipol
, said a Mediobanca executive on Friday.
The antitrust agency suspended the planned merger of
Fondiaria-SAI and peer Unipol on Thursday for 45 days in order
to investigate potential risks to competition from the tie-up,
further clouding prospects for the deal.
The agency said in a statement the suspension was to prevent
"the next steps in the operation creating effects hard to
reverse with regard to the capital of the companies involved".
In January top investment house Mediobanca brokered a complex
deal for Unipol to save the loss-making Fondiaria-SAI via a
four-way merger involving three capital hikes.
"The 45-day period is compatible with a June schedule for
the capital increase," said Mediobanca Chief Executive Alberto
Nagel on the sidelines of a presentation in Milan.
(Reporting by Jennifer Clark)