MILAN Dec 24 Italian insurer Unipol
said it had received an offer to buy the insurance business with
1.7 billion euros ($2.3 billion) worth of premiums which it
must sell to meet conditions set by the local competition
watchdog to clear its merger with peer Fondiaria-SAI.
Unipol agreed to buy the Fondiaria group back in 2012 in a
complex rescue deal that will create Italy's second-biggest
insurer behind Assicurazioni Generali.
Unipol said in a document published on its website on
Tuesday it would review the offer although it was not possible
at the moment to say how long talks would take to complete nor
how much it expected to raise from the sale.
In May Unipol said it had received 10 to 15 expressions of
interest in the assets, from Allianz, Axa
and Aviva, among others.
A series of regulatory and legal hurdles has held up
completion of the Unipol-Fondiaria merger.
The new group will be called Unipol Sai.