Day of glory for the Stock Exchange title Unipol, which gained 3,45% in the middle of the morning, to 4,464 euros, posting the best increase on the Ftse Mib. In the same minutes, the main price list on Piazza Affari was down 1,3%.
What triggered the purchases of the shares of the Italian insurance group was the news that Koru Spa – company owned by Coop Alleanza 3.0 (first shareholder of Unipol), Cefla, Cooperare, Nova Coop, Aurum and Copura – purchased approximately 1,0% of the capital share capital of the holding company, Unipol, through a reverse accelerated book-building procedure aimed at qualified investors and foreign institutional investors.
The consideration paid for the purchase of the shares, according to a note, is equal to 4,60 euros for each share, for a total outlay of approximately 34,2 million, with a significant premium compared to the previous Stock Exchange prices which are now aligning.
Not only that: the cooperatives involved in the operation aim to acquire 3,35% of the share capital of the holding company. Reaching this quota is a "binding condition" for the success of the transaction, but the company "reserves the right to accept offers for a total number of shares lower than that indicated above".
The operation, continues the note, constitutes a "medium-long term financial investment in the Unipol group, taking into account the positive performances achieved by the group itself and the economic/financial prospects contained in the business plan".
Koru Spa is a financial vehicle created ad hoc by the coops to manage this operation. Based on the data deposited in the chamber of commerce system, consulted by Radiocor, the company was created last June 21st with a share capital approved at 15 million euros, paid only in part, and was controlled, at the time of its foundation, at 100% from Coop Alleanza, already the first shareholder of the Unipol group.
