Sator and Palladio launch Premafin offer to challenge Unipol

The offer challengers a merger plan put forward by Unipol, the Italian financial services company primarily focused on the insurance sector, which would have to be rejected by Premafin shareholders if the private equity offer is to go ahead. Unipol, Premafin, Fondiaria-SAI and its Milano Assicurazioni SpA unit had planned to commit to a four-way merger.

The investment would help bolster Premafin's capital base and support the recapitalisation of Fondiaria-SAI. The two private equity funds have stated that they intend to hold at least 60% of Premafin ordinary shares in exchange for the investment.

The binding offer expires on 8 March and is subject to market regulator Consob waiving mandatory bid on remaining Premafin shares.

In March 2010, Sator Capital raised €500m in total commitments from 21 limited partners to the Sator Private Equity Fund. Palladio Finanziaria SpA is primarily an investment banking service provider but also makes private equity investments through Palladio Partecipazioni SpA.

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