FonSAI, Unipol Capital Increases Were 68.3%, 72.9% Subscribed

Italian insurer Fondiaria-SAI Spa (FSA.MI) said late Wednesday its capital increase for 1.1 billion euros ($1.22 billion) has been subscribed by 68.3% of its shareholders as part of a planned merger with Unipol Gruppo Finanziario SpA (UFGSY, UNI.MI).

In a filing to the Italian stock exchange, the company said the options rights that weren't subscribed will be offered to the market at a later date.

Under a complex merger deal involving four insurers, Unipol will take 61% in the new business, FonSAI will get 27.45%, Milano Assicurazioni SpA (MI.MI) will have a 10.7% stake and Premafin Finanziaria SpA Holding di Partecipazioni (PF.MI), the parent company of FonSAI and Milano Assicurazioni, will have 0.85%.

Unipol now holds a 81% stake in Premafin, after it underwrote a EUR400 million Premafin capital increase. Both Unipol and FonSAI carried a twin rights issue needed for the merger.

In a separate statement, Unipol said late Wednesday that its EUR1.1 billion capital increase was 72.9% subscribed. Unipol also said it will offer the options rights that weren't subscribed to the market at a later date.

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