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Unipol says firmly committed to Fondiaria merger
June 12, 2012 / 2:23 PM / 5 years ago

Unipol says firmly committed to Fondiaria merger

MILAN (Reuters) - Italian insurer Unipol (UNPI.MI) said on Tuesday it was firmly committed to pressing ahead with its plan to take over troubled peer Fondiaria-SAI FOSA.MI.

In a letter dated June 10, Unipol said the rejection of two key clauses in the merger deal by members of the Ligresti family did not mean the agreement for exclusive talks with Fondiaria parent Premafin PRAI.MI was no longer in place.

Premafin, owned by the Ligresti family, controls more than 35 percent of Fondiaria.

Italy’s No.3 insurer Unipol agreed in January to a contested deal, brokered by top investment house Mediobanca (MDBI.MI), to rescue Fondiaria.

But on Friday, two members of the Ligresti family threw the rescue plans into disarray by saying they would not accept two key conditions included to avoid a potentially costly bid to buy out Fondiaria group minorities.

In a second letter dated June 12, Unipol said it would not grant “Premafin’s main shareholders” a withdrawal right option.

Reporting By Stephen Jewkes

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