Italian private equity firms Palladio Finanziaria and Sator announced their intention to table a revised offer for Fondiaria-SAI at the troubled insurer’s shareholder meeting on Wednesday.
The firms face less competition for the asset after rival insurer Unipol’s plan to rescue the company was thwarted after a court administrator asked for a key capital increase at Fondiaria parent Premafin to be reviewed and possibly revoked.
The decision threatens to trigger a delay in two rights issues at Unipol and Fondiaria aimed at restoring Fondiaria’s balance sheet and could prompt ISVAP, the insurance watchdog, to intervene.
Palladio Finanziaria and Sator, which together own eight per cent of Fondiaria-SAI, said they would table another offer in the coming days.
The firms’ interest appeared to have ended last month when Fondiaria rejected their bid in favour of a merger with rival insurer Unipol, a move that would have toppled Generali to create the country’s largest insurer.
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