Key Developments: Compagnia di Assicurazione di Milano SpA (ADMI.MI)
0.51EUR
17 May 2013
€0.00 (+0.39%)
€0.51
€0.51
€0.51
€0.50
2,940,327
6,127,702
€0.54
€0.22
Latest Key Developments (Source: Significant Developments)
Standard & Poor’s Upgrades Compagnia di Assicurazione di Milano SpA's Rating
Compagnia di Assicurazione di Milano SpA announced that Standard & Poor’s has upgraded the Company's rating from BB to BBB and has removed the Creditwatch placing the Company in Outlook negative. Full Article
Compagnia di Assicurazione di Milano SpA Appoints Chief Executive Officer and Chairman of the Company
Compagnia di Assicurazione di Milano SpA announced that the Company's Board of Directors has appointed Mr. Carlo Cimbri as Chief Executive Officer of the Company and Mr. Fabio Cerchiai as Chairman of the Company. Full Article
Standard & Poor’s Upgrades Fondiaria Sai SpA's and Its Subsidiary Compagnia di Assicurazione di Milano SpA's Rating With CreditWatch Positive
Fondiaria Sai SpA announced that Standard & Poor’s has upgraded Fondiaria Sai's and its subsidiary Compagnia di Assicurazione di Milano SpA's rating to BB from B+, with CreditWatch Positive. Also the subsidiary SIAT SpA has been upgraded to the same rating. Standard & Poor’s motivated its upgrade with the progress made by Fondiaria Sai's integration in the Unipol Group. Full Article
Standard & Poor’s Upgrades Fondiaria Sai SpA's and Its Subsidiary Compagnia di Assicurazione di Milano SpA's Rating With Creditwatch Positive
Fondiaria Sai SpA announced that Standard & Poor’s upgraded Fondiaria Sai's and its principal subsidiary Compagnia di Assicurazione di Milano SpA's rating to B+ from B. Also the non strategic subsidiary SIAT SpA has been upgraded to the same rating. Standard & Poor’s assigned the companies a positive Creditwatch from the previous developing Creditwatch. The upgrade is due to the improved capitalization of Fondiaria SAI as a result of the share capital increase in progress. The positive Creditwatch reflects the proposed merger between the Company and Unipol Assicurazioni and therefore the potential benefits of the integration on the post merger financial capacity of Fondiaria SAI. Full Article
Unipol Gruppo Finanziario SpA Gets Latest Regulatory Approval For Merger Plan With Compagnia di Assicurazione di Milano SpA And Others-DJ
Dow Jones reported that market regulator Consob has absolved Unipol Gruppo Finanziario SpA of the obligation to acquire all of Compagnia di Assicurazione di Milano SpA in a complex operation that would create Italy's second-biggest insurer through the combination of four companies. Consob's decision is one of the final regulatory approvals awaited by Unipol before it goes ahead with a plan to take control of holding company Premafin Finanziaria SpA) and its subsidiaries Fondiaria-SAI S.p.A. and Milano Assicurazioni. Requiring Unipol to take over all of Milano Assicurazioni would have risked the operation going ahead. The process of combining the companies will take place through a series of capital increases. Unipol will first raise funds to proceed with the operation, and then participate in capital increases by Premafin and Fondiaria-SAI, taking controlling stakes in the pair of them. Full Article
Unipol Gruppo Finanziario SpA Comments on Merger with Premafin Finanziaria di Partecipazioni SpA, Fondiaria Sai SpA (Fondiaria) and Compagnia di Assicurazione di Milano SpA
Unipol Gruppo Finanziario SpA announced that as a result of the merger with Premafin Finanziaria di Partecipazioni SpA, Fondiaria Sai SpA and Compagnia di Assicurazione di Milano SpA, the Company holds 61% of a company resulting from the merger, and other Company's shareholders Compagnia di Assicurazione di Milano SpA and Premafin Finanziaria di Partecipazioni SpA hold respectively 27.45%, 10.70% and 0.85%. Full Article
Compagnia di Assicurazione di Milano SpA Announces Resignation of Mr. Angelo Caso as Chairman of the Board of the Company
Compagnia di Assicurazione di Milano SpA announced that on April 30, 2012, Mr. Angelo Caso has resigned from the position of Chairman of the Board of Directors of the Company. Further details were not disclosed. Full Article
Fitch Downgrades Fondiaria Sai SpA and Compagnia di Assicurazione di Milano SpA's P.I. Ratings to B+ From BB- with Rating Watch Evolving
Fondiaria Sai SpA announced that Fitch has downgraded the Company's and the subsidiary Compagnia di Assicurazione di Milano SpA's P.I. Ratings to B+ from BB- and has modified their Rating Watch to Evolving from Negative. Full Article
Unipol Gruppo Finanziario SpA Plans Merger with Premafin Finanziaria di Partecipazioni SpA, Fondiaria Sai SpA and Compagnia di Assicurazione di Milano SpA
Unipol Gruppo Finanziario SpA (UGF) announced that it has stipulated an agreement with Premafin Premafin Finanziaria SpA Holding Di Partecipazioni (Premafin) regarding the parties’ mutual commitment to draw up an integration plan for the merger of Fondiaria Sai SpA (Fondiaria Sai), Unipol Assicurazioni SpA (Unipol Assicurazioni) and Compagnia di Assicurazione di Milano SpA (Milano Assicurazioni). As part of the Integration Plan, Premafin is expected to increase the share capital reserved to UGF by a maximum of EUR 400 million, a move that will be carried out in order to provide Premafin with the financial resources necessary to allow Premafin and its subsidiary Finadin SpA to participate, for their pertaining stakes, in the Fondiaria Sai capital increase to be proposed. The Premafin Capital Increase will lead Premafin to be controlled by UGF. UGF has also scheduled a meeting on February 2012 to authorize the increase of UGF share capital by a maximum amount of EUR 1,100 million. The Extraordinary Shareholders’ Meeting of Premafin to approve the Premafin Capital Increase is expected to be held at the beginning of May 2012 and the share capital increases of UGF and Fondiaria Sai will be carried out by the end of May 2012, with the entire Integration Plan scheduled for completion by the end of 2012. Full Article
Unipol Gruppo Finanziario SpA Plans Merger with Premafin Finanziaria di Partecipazioni SpA (Premafin), Fondiaria Sai SpA and Compagnia di Assicurazione di Milano SpA
Unipol Gruppo Finanziario SpA (Unipol) and the members of the Ligresti family announced that they have signed a non-binding letter of intent with which Unipol has shown its willingness to pursue a project to merge Unipol Assicurazioni SpA, Premafin Finanziaria di Partecipazioni SpA, Fondiaria Sai SpA and Compagnia di Assicurazione di Milano SpA (Milano Assicurazioni), subject to the acquisition of the Premafin shares owned by Limbo Invest S.A., Canoe Securities S.A., Hike Securities S.A., IM.CO Immobiliare Costruzioni SpA and Sinergia Holding di Partecipazioni SpA (a total of 51.287% of the share capital of Premafin) and subsequently making a tender offer for the remaining shares in Premafin. Unipol would pay a unit price for each of these Premafin shares of EUR 0.3656, for a total of EUR 76,941,060. Unipol has obtained a commitment from the Ligresti family that all its members are willing to enter into a five-year non-competition agreement in the insurance sector with the commitment not to take advantage of their close relations with the network of agencies and customers of the Fonsai Group. In return for this commitment Unipol would pay each of them a gross annual fee of EUR 700,000. Full Article
Unipol, Fondiaria group approve terms of merger
MILAN - 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.
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