Reuters: Private Equity: Italy funds present new Fondiaria offer

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Italy funds present new Fondiaria offer May 9th 2012, 18:17 MILAN | Wed May 9, 2012 2:17pm EDT MILAN May 9 (Reuters) - Italian private equity funds Sator and Palladio Finanziaria said on Wednesday they had presented an offer to Fondiaria-SAI to launch a capital increase at the troubled insurer of no less than 800 million euros ($1 billion). The offer is conditional on market regulator Consob waiving the need for a public tender bid on Fondiaria-SAI and its unit Milano Assicurazioni, the funds said. The offer replaces a previous offer, which had expired on April 30, and which was based on a capital increase of 850 million euros at Fondiaria's parent company Premafin The offer is a rival bid to a complex deal brokered by Mediobanca which would see insurer Unipol saving the loss-making Fondiaria in a four-way merger involving three capital increases. In a statement on Wednesday Sator and Palladio said the capital increase would consist of a 300-400 million euro cash call reserved for the funds with the rest being offered to all Fondiaria shareholders. The capital increase reserved for the funds would be priced at 1.5-2.5 euros per share, they said.

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