“With the Unipol project, 1,7 billion will enter Fonsai. Alternative projects to have comparable quality must start from here”. Carlo Cimbri, CEO of Unipol, thus launches his remote challenge to the challengers Palladio and Sator from the stage of the assembly of the Bolognese company. At the same time, shortly after 11, Fonsai's shareholders are already taking note of the long explanatory note prepared by the company: in view of a day that promises to be long between the disputes in the past by Ligresti (barred by the Amber fund) and the requests from the lawyers of Roberto Meneguzzo and Matteo Arpe, determined to expose the weak points of the four-party merger (Fonsai, Milan, Premafin and Unipol) set up by Mediobanca.
The meeting, chaired by Jonella Ligresti, kicked off with no surprises on the composition of the capital: Premafin remains the leading shareholder with a 35,763% stake, followed by Unicredit (6,986%). Treasury shares also represent 3,918% of the capital, while Palladio Finanziaria owned by Roberto Meneguzzo holds a share of 5,002%. Finally, Matteo Arpe holds a 3,001% stake, no longer through the Sator fund but through Arepo Pr, an ad hoc vehicle created a few weeks ago. In the notes delivered to the shareholders it is specified that "Fondiaria Sai intends to proceed with the capital increase for 1,1 billion euro for which it is today asking the shareholders for a proxy "regardless of the integration operation" with Unipol, because" the need to recapitalize the company disregards the restructuring”. But the guarantee consortium for the Fonsai capital increase is closely connected to the "positive outcome of the proposed integration operation (with Unipol, ed), as no similar guarantee has been provided for the company From a Stand Alone perspective". This can be read in the integration of the material for the meeting shortly to start.
From a distance, practically simultaneously, Cimbri underlines that, in addition to the increase from 1,1 billion euros, Fonsai's capital endowment would benefit from the merger with Unipol Assicurazioni, which is being recapitalised with 600 million. "Unipol Assicurazioni does not need to be recapitalised - he explained -, it has absolutely reasonable industrial margins but the injection of capital into Unipol Assicurazioni is the way in which the Unipol group and the market bring 1,7 billion into Fonsai" . Cimbri, in the presentation of the industrial plan last Friday, proposed very aggressive objectives for the "large Unipol": a further and strong improvement in the profitability of the Non-Life business: a combined ratio target of 93% in 2015 (never achieved in the past) for the Unipol-Fondiaria Sai aggregate; synergies for 330 million euros; a solvency ratio of 150% at the end of 2015.
In the meantime, the stocks involved on the stock market are fibrillating: Unipol soars +3,5%, thanks also to the promises of an industrial plan that analysts consider optimistic (perhaps too much); flies Premafin +11%; after an upward suspension, Fonsai also reports a robust rise of 2,93%. But it remains to be seen whether the battle of Sator and Palladio will end today. Or if the meeting is not just a stage in a war that will also be played on the sources of the Authority and the courts.
