MILAN May 2 Italian insurer Unipol
has received 10-15 expressions of interest for 1.7 billion euros
($2.24 billion) in assets it must sell as part of a merger with
peer Fondiaria-SAI, the company's CEO said on
The merger of Unipol and Fondiaria, expected to close by the
end of the year, will create Italy's second biggest insurer
behind Assicurazioni Generali with around 37 percent
of the domestic auto insurance market.
"The parties interested include Allianz, Axa
, Aviva, Zurich, Cattolica
and several private equity funds," Carlo Cimbri said in a
meeting with the foreign press.
Unipol has been forced by Italy's anti-trust authority to
sell the assets as part of its rescue of the Fondiaria-SAI
Cimbri said an information memorandum would be sent to
interested parties in the next few days.
"We expect to close the sale by the end of the year though
the transfer of property could slip into next year," he said.
He said the portfolio - which includes premiums, agencies
and other assets - will be sold in two blocks but added any
interested party would be able to make an offer for both.
The merger, which involves a 4-way tie-up that also includes
Fondiaria's listed unit Milano Assicurazioni, will
create a group with five different kinds of shares, including
savings shares at Fondiaria and Milano.
"We will consider eliminating the savings shares though
nothing is on the table as yet," Cimbri said.