Unipol Gruppo to incorporate Unit UnipolSai through share exchange, tender offer

UnipolSai Assicurazioni SpA

16/02/2024 06:47

Feb 16 (Reuters) - Italian financial group Unipol Gruppo
 UNPI.MI  said on Friday it would merge by incorporating its
unit UnipolSai  US.MI  and launch a voluntary tender offer for
the shares it does not own, in a project to rationalise its
overall business structure.
   Unipol gruppo, which is the main shareholder in Italy's
second-largest insurer UnipolSai with an 85.21% stake, will
exchange three of its own shares for every 10 UnipolSai shares.
   It will offer 2.70 euro ($2.91) for each UnipolSai share it
does not own, incorporating a premium of 12.6% to the Feb. 15
share price.
   Unipol Gruppo will change its name to Unipol Assicurazioni
SpA after the transaction, which is expected to conclude by end
of 2024.
   ($1 = 0.9293 euros)

 (Reporting by Alberto Chiumento; Editing by Jacqueline Wong)
 ((Alberto.chiumento@thomsonreuters.com))