FONSAI, SATOR AND PALLADIO RELAUNCH THE CHALLENGE
NAGEL SAYS NO. UNIPOL IS SATISFIED WITH 63%
On the eve of the board meeting on Fonsai's first quarter accounts, the most troubled in the life of the company, Sator and Palladio relaunch. Once the proposal for a 400 million capital increase for Premafin has expired, Matteo Arpe and Roberto Meneguzo go direct to Fonsai. The offer, presented yesterday to the board of directors of the Ligresti company, envisages a total recapitalization of up to 800 million. The title on the Stock Exchange flies by more than 6% this morning.
The operation announced yesterday evening, alternative to that of Unipol, consists of a capital increase of between 300 and 400 million reserved for Matteo Arpe's fund and the Vicenza-based financial company, ready to set up a newco, at a price of between 1,5 and 2,5 euros per share. It is - underlines a note - a value at least double that of another increase, not less than 400 million, offered as an option to the company's shareholders. On the issue of the guarantee consortium, which concerns the portion of the capital increase under option, the two investors communicate that they have received expressions of interest for a significant part of the market risk and that they are willing to be delegated by Fonsai for the promotion and the establishment of the consortium. Before moving, however, he waits for an affirmative response from the Ligresti company, which must arrive within seven days. Today the proposal will be examined by the board of the Fonsai company which meets to approve the quarterly report. The Unipol board will also have the quarterly accounts on its table and, at this point, the latest updates on the matter.
Ma the answer from Alberto Nagel, CEO of Mediobanca and director of the Unipol operation, has already arrived: the offer "is devoid of concreteness and is not feasible". "If the deal with Unipol doesn't go ahead, it's a big problem for Fonsai, not for us," said Nagel speaking to journalists on the sidelines of the presentation of Mediobanca's nine-month accounts. The Fonsai group's project with Unipol is "industrially valid for both with important synergies". I believe "that it is in the will of the parties to find a hypothesis of agreement on the exchanges. We hope that this agreement will be reached quickly". Nagel then clarified that Mediobanca "is not involved in the negotiation of the exchanges. The two companies have their own advisors”. But what is certain is that an agreement is needed quickly because Fonsai needs a major recapitalization”.
About the exchanges, perhaps something will be known today during the conference call of Carlo Cimbri, CEO of Unipol, with the analysts scheduled after the Board of Directors which, like that of Fonsai, has the accounts for the quarter under examination. It is probable that an update will be made on the status of the exchange negotiations during the board meetings. From the 66,7% of the new pole of the Unipol proposal, it seems that we are thinking about a level of around 63%. Lastly, as early as next week, Unipol could put in writing the commitments with the Antitrust for the Fonsai operation, as emerged from the technical meeting with the authority held yesterday. Work is underway to identify the brands and portfolio shares that Unipol is preparing to sell with the four-way merger for the birth of the maxi-insurance hub. As regards Fonsai's stake in Mediobanca, Unipol has already said it is ready to sterilize the stake.
