MILAN (Reuters) - Italy’s antitrust regulator said in a document on Tuesday that a proposed merger between insurers Unipol (UNPI.MI) and Fondiaria FOSA.MI could receive the go ahead if certain points were met.
Regulatory approval would be a big step forward in the complicated deal.
Unipol has agreed to sell a stake in top investment bank Mediobanca (MDBI.MI) that it will hold after its planned merger with peer Fondiaria, said the document obtained by Reuters on Tuesday.
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.
Unipol agreed in January to a deal brokered by investment bank Mediobanca to rescue the loss-making Fondiaria. The operation envisages a merger of Unipol with Fondiaria, its parent Premafin PRAI.MI and its unit Milano Assicurazioni ADMI.MI.
Reporting by Gianluca Semeraro