UNICREDIT: READY TO PAY OFF FONSAI SHARES
THE LIGRESTI SCUDERIA GOES BACK TO THE BUSINESS SQUARE
Abrupt descent in Piazza Affari of the Ligresti stable. Fonsai slips (-5,39%) with Milan (-2,18%) and Premafin (-4,44%) even before the boards of directors of the two companies who will have to decide whether or not to go ahead with Unipol (+0,71 .XNUMX%).
The peremptory ultimatum from Unicredit was enough to "freeze" the group's shares. The institution's board of directors, held this morning, approved the restructuring of Premafin's debt and also the start of enforcement of credits "in the event that there is no approval by the assembly" of Premafin. This was stated by the CEO of UniCredit, Federico Ghizzoni, entering the assembly of Assolombarda. “Premafin's board of directors has decided to actually accept Unipol's offer. We, intended as banks in the pool, do not change our position. We are willing to approve the restructuring of Premafin's debt – said Ghizzoni -. One of our Boards of Directors has just finished which has approved everything and also the beginning of the enforcement in the event that there is no approval by the assembly”. Ghizzoni then reiterated the decisive no by UniCredit and the banks to the alternative restructuring proposal formulated by the Sator-Palladio consortium. Will you evaluate the Sator-Palladio proposal? “No, let's continue on the usual road”.
Sharp and immediate response to the request of the Premafin board of directors who, in Sunday's board meeting, decided to accept Unipol's share swap proposal but at the same time resolved to evaluate the new offer "rapidly" with Fondiaria Sai and the creditor banks by Sator and Palladio. Now it's time for the board of directors of Fonsai and Milano Assicurazioni to decide. The two companies will have to decide whether or not to follow the choice of the holding board to go ahead with Unipol (+0,71%) or whether to evaluate the Palladio-Sator proposal.
Cheuvreux, who maintains the underperform judgment on the Fonsai stock, sees no value in either Unipol's proposal or that of Sator-Palladio.
The swap accepted by both Unipol and yesterday's board of directors recognizes 61% of the new group to UGF and no less than 0,85% to Premafin shareholders.
Meanwhile Unipol, after the words of Jonella and Paolo Ligresti, who on Friday had referred to "critical issues" highlighted by the advisors on the Bolognese company's financial situation, brought together the analysts over the weekend for a discussion with Unipol's financial director, Matteo Laterza . In the spotlight are the structured products in the company's portfolio.
Unipol's financial statements show an exposure to structured products of €3,6bn, against a market value of these products of €2,9bn with an imbalance, should the company wish to liquidate the securities immediately , of 618 million. But the 3,6 billion structured assets represent only 14,5% of the over 24 billion in assets among Unipol's investments. Furthermore, the majority of derivatives, for a total of 2,5 billion, is represented, Laterza said, by low-risk products.
