Piazza Affari toasts Mediobanca, the true winner of the merger of the year, i.e. the wedding of FondiariaSai, Milan and Premafin with Unipol. It is the title of Piazzetta Cuccia who was the first to react to the news that Alberto Nagel managed to carry out a difficult negotiation, rebuffing the proposals of Gerardo Braggiotti, advisor on behalf of the Ligrestis, and freeing himself from a bond, the one with the engineer of Paternò, which has now become too uncomfortable. The Mediobanca share first fails to make a price, then runs up by 6,67%, finally settles around a comfortable +5%, at the top of the basket of blue chips.
Naturally, the euphoria also spread to those interested in the operation: Fondiaria +9,95%, Milan +8,20%, the usual Premafin +19,20% while Unipol, i.e. the company that invests the capital, lost only 1%. Beyond the figures, the operation confirms the supremacy of Piazzetta Cuccia, already attested by the direction of the Unicredit capital increase.
Thanks to the integration from which the second largest Italian insurance group will be born (10% of life policies, over 32% of the motor sector), Mediobanca achieves more results: 1) defuses the undermining of the debts of the Ligresti house, over 1,1 billion towards Piazzetta Cuccia, for the most part subordinated to other credits and also settles the position of Unipol itself (400 million); 2) avoids the strengthening on the Italian market of competitors such as Axa, certainly more dangerous for the leadership of Generali.
Another important consequence: ties are tightened with the world of Coops which, given the times, appears to be one of the most solid components of the Italian economy. As confirmed by the rumors filtering from the Finsoe plant, the holding company that holds the controlling stake of Unipol (50,75%). If the Ligresti operation goes through and Unipol merges with Fondiaria-Sai, Premafin and Milan, Finsoe will play its part in the capital increase of the Bologna-based company. And, given that the mergers would lead to a significant dilution of Finsoe, which now owns 50,75% of Unipol, Finsoe does not intend to dilute excessively.
“Finsoe will play her part in the Unipol capital increase – a leading exponent of the co-op world confirms to Reuters – And she doesn't want to be so diluted in the New Unipol”. The finance company of the co-ops could actively intervene in the increases envisaged by the complex operation envisaged by the non-binding letter of intent signed by Unipol with the members of the Ligresti family. The plan envisages the merger with Premafin, Fondiaria-Sai and Milano Assicurazioni after the acquisition of the Premafin shares in the hands of the companies owned by the family (51,287% of the holding's capital) at the price of 0,3656 euro each (for an equivalent 76,9 million) and subsequent launch of a tender offer on the remaining shares.
The operation will be preceded by a recapitalization of Premafin which will allow the former listed box of the Ligresti family to subscribe its share within the capital increase of Fondiaria-Sai (up to 750 million euro). Lastly, the group that will arise from the integration will be able to count on the capital resources deriving from a capital increase by Unipol.
