The banks of the guarantee syndicate led by Mediobanca will buy 458 million euros in ordinary shares by Unipol and Fonsai to complete the capital increases for a total of 2,2 billion of the two companies. The lenders will thus acquire the securities not subscribed in the two transactions, which are essential to complete the four-way merger with Premafin and Milano Assicurazioni.
In all, investors converted into new shares around one third of the unexercised rights of the capital increases of Fonsai and Unipol that they had purchased at auction last week. The securities add up to those already acquired during the first phase of the capital increase. Unipol, for its part, will subscribe Fonsai savings shares for around €136m and has already subscribed Fonsai shares as part of the increase for another €30,9m.
In detail, 20,34% of the Unipol ordinary shares and 34,64% of the preference shares offered were not subscribed. As far as FonSai is concerned, however, 21,57% of the ordinary shares have not been subscribed, while the failure on savings shares is equal to 74,8%, but Unipol's intervention will make ends meet.
The market therefore absorbed, overall, almost 80% of the 2,2 billion requested. The institutes of the guarantee consortium still have to subscribe Fonsai bonds for 198 million and Unipol for another 260 million.
