"Create a branch of the company and sell it to third parties": this is Unipol's project to reduce market shares following the merger with Fondiaria-Sai. The CEO of the Emilian group, Carlo Cimbri, declared: “The project envisages the integration of all four companies involved, including Milan. And then let's think about the sale of a company branch: let's talk about brands, we have 7, and about awards. I think there are several subjects interested in the business branch: it is easier to sell these assets than others”.
Cimbri also recalled that Unipol's plan provides for the transfer of premiums for 1,3 billion and he said he was ready to discuss possible solutions with the Antitrust. As for the possibility of a request from the authority for the sale of Milan, Cimbri reiterated in the press conference: “The project is a four-way one with Milan and we are working on that. We don't intend to make any changes." According to Cimbri, saying that the company that could arise from the four-way integration will be monopolistic “is excessive. It is a subject with very important shares in the insurance market. It was already foreseen to reduce the quota in our plan”.
And to those who asked him whether for FonSai the execution of the capital increase by July was compatible with the requests of Isvap, which had requested a recapitalization in a short time, the CEO of Unipol replied "you don't have to ask me, but to them". While on the intervention of the Antitrust, Cimbri recalled: “The scrutiny by the Antitrust is one of those that we have always known to be one of the indispensable steps of the operation. We have held discussions with the Antitrust Authority over the past few months and have provided all the required documentation. We were waiting for this start of the formal investigation. We will collaborate with the Antitrust to have the possibility of completing the project, given that we have no intention of carrying out irreversible operations before having the authorisation. It is an articulated, complex project that asks for resources from the market. It is only right to go on the market after having obtained all the approvals from the authorities”.
Meanwhile, while today the period of validity of the offer presented by Sator and Palladio expires, and between tonight and tomorrow a new revised and corrected plan should arrive, the Unipol share is traveling positively in Piazza Affari (+0,9% at 15pm). Fondiaria-Sai also flies at +3,16%
