DOW JONES NEWSWIRES
Italian investment funds Palladio Finanziaria SpA and Sator
Capital Ltd. said late Thursday they have extended the deadline of
their investment offer in Premafin Finanziaria SpA Holding di
Partecipazioni (PF.MI), the holding company of Fondiaria-SAI SpA
(FSA.MI), or FonSai, until April 30.
The decision was made to allow Premafin's management to assess
the guidelines of the industrial plan the two funds have outlined
for FonSai, according to a joint filing sent to the Italian stock
exchange.
An offer to invest up to EUR450 million ($594 million) in
Premafin through a capital increase was launched jointly by the two
funds, which have a combined 8% stake in FonSai, in late February
and was due to expire this week.
Meanwhile, Premafin is bound by an exclusivity agreement with
Unipol Gruppo Finanziaria SpA (UNI.MI, UFGSY) until July. Italy's
Unipol Monday won shareholder approval to raise EUR1.1 billion to
fund its proposed takeover of FonSai in a complex operation to
create the country's biggest insurer after Assicurazioni Generali
SpA (G.MI).
Exchange website: www.borsaitaliana.it
-By Enza Tedesco, Dow Jones Newswires;
enza.tedesco@dowjones.com
