Sator and Palladio they presented a new one offer to Fonsai's board of directors which provides a capital increase "not less than 800 million euros". This is what can be read in a note from the two funds, which also specifies that 400 million of this sum is reserved "for investors, for an issue price of between 2 and 2,5 euros per share". Another amount of at least 400 million is "offered as an option to all Fonsai shareholders for a price not exceeding half the price determined for the reserved capital increase". Should Fonsai be available to evaluate the operation within 10 days, the further aspects of the operation will be defined within the following 15 days.
Meanwhile, Jonella Ligresti and her brother Gioacchino Paolo today sent Premafin and Unipol a communication on their "irrevocable" decision to do not waive the indemnity commitments granted by Unipol on 29 January as part of the business combination with Fonsai.
The waiver of the indemnity and the right of withdrawal were the two conditions set by Consob to give the go-ahead for the exemption from the takeover bid obligation in the context of the Unipol-Fonsai transaction.
This morning the board of Premafin, first among the leaders of the Ligresti galaxy, he will have to examine the latest proposal arriving from Unipol. The board of directors will meet on Monday Fonsai e Milan Insurance. Then there will be, on the 12th, the Premafin meeting on the 2011 budget and the capital increase of 1,1 billion reserved for Unipol. It is the most delicate passage: either the Ligrestis renounce their liability and the right of withdrawal, or the operation fails. The consequences? The ad of Unicredit , Federico Ghizzoni, was clear yesterday: "If necessary, we will enforce the pledge" or 35% of Fonsai as a guarantee of the debts.
By mid-morning, Fonsai shares gained just under 4% in Piazza Affari. Unipol (+2,64%) and Milano Assicurazioni (+2,6%) were also positive. A slight decrease in Premafin (-0,24%).
