Unipol and Fondiaria Sai have set the prices of the respective capital increases for the merger. Both deals are worth 1,1 billion euros. In the first case, the conditions provide for two euros for each ordinary share, with a 27,2% discount on the theoretical price. Fonsai, on the other hand, envisages one euro for each ordinary share, with a 24,7% discount. The two companies are now awaiting Consob approval for the information prospectuses and the closure of the underwriting consortia.
Meanwhile, yesterday in the late evening the Commission exempted Unipol from the takeover bid on Premafin and then cascade on Fonsai and Milano Assicurazioni. A fundamental condition for proceeding with the plan proposed by Unipol is thus satisfied.
In detail, with the capital increase Unipol will issue approximately 422,8 million new ordinary shares with a ratio of 20 new for each share held. The price of the new preferred shares was set at 0,975 euros, a ratio of 20 to 1.
Fonsai, on the other hand, will issue approximately 917 million new ordinary shares, with a ratio of 252 to 1. The new category B savings shares, offered as an option to holders of category A savings shares, will be issued at a price of 0,565 euro each, with the same option ratio as the ordinary ones.
In Piazza Affari, around 12.00, both stocks lost more than 6%. Fonsai is in negative territory with -6,00% at €79,1 per share while Unipol is in the red with -6,80% at €16,3 per share.
