Brief: Unipol Gruppo Proposes Merger By Incorporation Of UnipolSai

UnipolSai Assicurazioni SpA

16/02/2024 06:41

Feb 16 (Reuters) - Unipol Gruppo Spa  UNPI.MI :
    * STARTS MERGER PROJECT FOR UNIPOL GROUP AND UNIPOL SAI
    * PROPOSES VOLUNTARY TENDER OFFER TO BE LAUNCHED BY UNIPOL
GRUPPO
FOR ORDINARY SHARES OF UNIPOLSAI
    * FOLLOWING THE MERGER, UNIPOL GRUPPO WILL BE KNOWN AS
UNIPOL
ASSICURAZIONI S.P.A.
    * CORPORATE RATIONALISATION PROJECT OF GROUP TO BE
IMPLEMENTED
THROUGH  MERGER BY INCORPORATION
    * EXCHANGE RATIO OF MERGER, AS DETERMINED BY BOD OF UNIPOL
GRUPPO
AND UNIPOLSAI, IS EQUAL TO NO. 3 UNIPOL SHARES FOR NO. 10
UNIPOLSAI SHARES
    * UNIPOL GRUPPO WILL PAY TO EACH TENDERING SHAREHOLDER A
CONSIDERATION OF EUR 2,700 FOR EACH SHARE TENDERED TO OFFER
    * FY DIRECT INSURANCE INCOME EUR 15.1 BILLION VERSUS EUR
13.6
BILLION YEAR AGO
    * OFFERS CONSIDERATION WITH A PREMIUM OF 12.6% WITH RESPECT
TO
OFFICIAL PRICE OF UNIPOLSAI SHARES AS AT 15 FEBRUARY 2024
    * PROPOSES DIVIDEND OF 0.38 EUR PER SHARE
    * UNIPOL GRUPPO INTENDS TO FUND CONSIDERATION, UP TO MAXIMUM
DISBURSEMENT OF OFFER, THROUGH USE OF OWN FINANCIAL RESOURCES
    * MERGER TO BE SUBMITTED TO APPROVAL OF EXTRAORDINARY
SHAREHOLDERS’ MEETING OF UNIPOL GRUPPO, CONVENED FOR 21 OCTOBER
2024
    * MERGER IS EXPECTED TO BE COMPLETED BY THE END OF 2024
    * FY NET INCOME EUR 1,331 MILLION
    * FY SOLVENCY RATIO 200%
    * FY COMBINED RATIO 98.2%

Further company coverage:  UNPI.MI 

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