On Piazza Affari today's black shirt is the Turin insurance group Fondiaria Sai. At mid-day the stock lost 4% and reached the historic low of 4,446 euros per share. The price is pushed down by the wait for the Board of Directors, which in the afternoon should launch a recapitalization of 450 million for FonSai and 350 for the subsidiary Milano Assicurazioni. The move will be preceded by the ISVAP decision which will establish whether to authorize Unicredit's entry into the Turin capital with a 6,6% stake.
FonSai is controlled by the Premafin holding of the Ligresti family, the well-known builder from Catania who can boast significant holdings in the 'living room' of Italian finance, from Mediobanca to RCS. In 2010 FonSai closed the balance sheet with an operating loss of 928 million euros, triple compared to the previous year. Through the stake in Fonsai and the cross-shareholdings, however, Unicredit could rise in Mediobanca from 8,66 above the 9,4% set by the Antitrust as a maximum ceiling.
