The opening with the crash for Fonsai (-7,06%) drags down the Ftse Mib (-0,93%)

Thump at the start of the session for Fonsai (-7,06% to 4,136 euros at 9.44) after the board of directors approved the final terms of the capital increase overnight. The slide in the insurance stock dragged down the entire Ftse Mib (-0,93 at 9.44 after falling below -1%). The established issue price is 1,5 euro per ordinary share and 1 euro per savings share and was determined by applying a discount of approximately 39,6% on the theoretical ex-rights price of the ordinary shares, calculated on the basis of the price closing of the Stock Exchange on 22 June 2011. Premafin will subscribe to the capital increase of the subsidiary Fonsai, thus holding a stake in the company "equal to approximately 35,5% of the capital with voting rights after the capital increase". The Premafin board of directors approved it yesterday together with the "transfer, directly and indirectly, to UniCredit of a number of option rights such as to allow the bank to subscribe Fondiaria-SAI ordinary shares equal to 6,6% of the ordinary capital post increase".