MILAN Dec 20 Italy's Unipol and the
Fondiaria-SAI group have approved terms of a four-way
merger that will create the country's second-largest insurer
behind Generali, they said on Thursday.
In a joint statement, the two groups said their boards had
approved the share swap ratios of a four-way merger which also
involves Premafin and Milano Assicurazioni,
as well as a business plan for the newly created UnipolSai
Under the terms of the deal, 0.050 ordinary Fondiaria shares
will be offered for each Premafin share, 1.497 ordinary
Fondiaria shares for each Unipol share, and 0.339 ordinary
Fondiaria shares for each Milano Assicurazioni share.
UnipolSai is targeting a 2015 net profit of 815 million
euros and a solvency margin of about 180 percent.
The complex deal, brokered by Mediobanca, was
agreed back in January to rescue troubled insurer Fondiaria.
(Reporting By Danilo Masoni)