A day of glory in Piazza Affari for the stocks of companies linked to the Ligresti family. At the end of the morning, Fonsai shares gained 5,71%, Premafin posted +4,72%, while Milano Assicurazioni was up 2,3%. The trend is linked to the conditional go-ahead from Isvap and the Antitrust to the integration project with Unipol (+3,64%).
The limits set by the Authorities, although stringent, nevertheless seem manageable and should not have significant operational impacts on the merger plan which, despite all the difficulties, now seems to be on the decline, according to analysts.
"The decisions of the authorities seemed very stringent to us and capable, in our opinion, of limiting possible conflicts of interest between the actors involved", says ICBPI in a note.
Among other conditions prescribed by Isvap, it is envisaged that Fonsai and Unipol will be able to take control of Premafin and the insurance subsidiaries Fonsai and Milano Assicurazione, provided they ensure a "discontinuity" with respect to the past. This means that directors "attributable to the current reference shareholder" of the Fonsai group cannot be appointed in the new group and that within 18 months of the merger, two separate CEOs must be appointed in UGF and the new post-merger entity.
Yesterday the Antitrust also gave the go-ahead conditional on the merger of Premafin and the subsidiary Fonsai with Unipol, prescribing that the new company resulting from the merger must sell the stake held in Mediobanca and activities and brands in such quantities as not to exceed the threshold of 30% in all branches of the business insurance.
