could quickly get the go ahead to participate in the recapitalization of Unicredit Premafin Fonsai and, in addition to Credit Suisse. Yesterday, the CEO of Cordusio Piazza, Federico Ghizzoni, confirmed that the bank is studying the dossier: "I can not make advances, we are evaluating."
According to some sources, the President may convene Dieter Rampl an extraordinary board of directors to accelerate the go ahead from the bank (of which Salvatore Ligresti is a related party as a member of the board, as well as shareholder and debtor is at the level of Premafin both boxes upstream, beginning with Synergy Holding) to participate in the underwriting syndicate Premafin 250 million (115 million guaranteed only by Groupama thanks to a shareholders' agreement with the family Ligresti) and that from 460 million Fondiaria-Sai.
The change of the original agreement Ligresti-Groupama, with the price of the increase Premafin no more than 1.1 euro but decisions on the basis of the market, has made it easier for Unicredit participate in a consortium to cover the unexercised.
The bank may in fact be on his own pay funds to a debtor. The whole operation is still sub judice: Consob ravviserà start only if a joint control over LigrestiGroupama Premafin. If, however, trigger a compulsory takeover bid and Premafin Fonsai, and perhaps also on subsidiary Milano Assicurazioni, would jump all over the floor. Yesterday, the market has punished Fonsai, -3.40% to 6.11 euro, and Premafin, -1.89% to 0.83 euro. Analysts unenforceable first accounts of the effects of the increase, structured so that Ligresti remains at 34% as originally agreed with Groupama. According
Equita Sim , the holding company led by Francesco Perilli , Premafin advisor, "assuming a 30% discount and cash out a 100 million, would Premafin to control about 35% of Fondiaria Sai 'by 'current 46%. According to Banca Leonardo, Fonsai would increase its solvency ratio from 109% to 130%. " At current prices, the target price set by Leonardo would drop from 8.1 to 7.2 euro, if it happened at a discount of 30%, the target would rise to € 6.3.
sources:
- Milano Finanza, Premafin, Unicredit board of directors at the extraordinary ok
- http://www.francescoperilli.com/it/rassegna-stampa/2010/premafin-unicredit.html
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