The board of directors of Fondiaria Sai is underway and will have to evaluate what to do to strengthen the capital of the insurance group. The meeting began an hour late and the honorary president Salvatore Ligresti also arrived at the headquarters of the group. While waiting to know the results of the meeting, the stock on the Stock Exchange slowed down. In the morning Fonsai accelerated upwards by 7,42% while in the afternoon the progress on the lists was reduced to +1%. The capital increase option and the possible start of a gradual disengagement of the Ligresti family is also becoming increasingly concrete on the table.
In the council, the advisor Goldman Sachs, in charge of untying the knot on the strengthening of the solvency margin (above 120%), will present his own analyses. The proposals, in addition to the capital increase, could include hypotheses of devaluations, asset sales and the establishment of a newco in which to merge the investments. If it is a capital increase, the figure will probably be between 750 and 800 million euros. An amount higher than the 450 million requested this summer and more than double the current market capitalization of the group.
The work in progress at Fonsai could also overwhelm Milano Assicurazioni: it is not excluded that after the strengthening of the parent company, the next step is a rationalization through the merger of the two companies. After Fonsai's board of directors, the board of Milano Assicurazioni should also meet to evaluate Gavio's offer for 33,3% of Igli, which controls Impregilo.
