June 5, 2012 / 9:53 AM / 5 years ago

Unipol to sell Mediobanca stake after Fondiaria merger-document

MILAN, June 5 (Reuters) - Italian insurer Unipol has agreed to sell a stake in top investment bank Mediobanca that it will hold after its planned merger with peer Fondiaria-SAI, a document obtained by Reuters on Tuesday said.

Unipol agreed in January to a deal brokered by Mediobanca to rescue the loss-making Fondiaria. The operation envisages a merger of Unipol with Fondiaria, its parent Premafin and its unit Milano Assicurazioni.

Premafin holds around 4 percent of Mediobanca.

According to the document, which sums up the insurer’s commitments to obtain competition clearance for the deal, Unipol has agreed to freeze all voting rights on the Mediobanca stake before the stake is sold.

It has also agreed not to have representatives on the investment bank’s board. (Reporting By Gianluca Semeraro)

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