Unipol-Sai merger, filing ordered
The investigating judge from Milan Anna Calabi accepted the request of archiving from the prosecutor of Milan of the investigation for information manipulation by top management and managers of Unipol, including the CEO Carlo Cimbri, and others of the group companies Fondiaria (Fondiaria-Sai, Milan Insurance And Premafin) for the merger of the two insurance companies launched in 2012 and concluded in January 2014.
UNIPOLSAI: GIP, ‘MARKET INFORMATION DID NOT ALTER PRICE OF COMPANIES INVOLVED IN THE MERGER’
At the basis of the filing for the alleged manipulation offense a Fabio Cerchiai (president of Fondiaria-Sai and of Milano Assicurazioni), Carlo Cimbri (CEO of Fondiaria-Sai and Milano Assicurazioni and Unipol Assicurazioni), Vanes Galanti (president of Unipol Assicurazioni) Pierluigi Stefanini (president of Premafin Hp), Roberto Giay (to Premafin Hp) e Paolo Gualtieri (advisor of Unipol Assicurazioni) there are “the preliminary and expert findings” that “have shown” that “the information provided to the market with the press release” of 20 December 2012 “did not or could not cause a significant alteration in the price of the shares of the companies participating in the merger “. A conclusion, that of gip Anna Calabi, which has not accepted the theses of the prosecutor of Turin, where the investigation had begun, then transferred to Milan for competence, which believed that in the identification of the exchange rates that governed the merger there were imbalances such as to question the regularity of the operation. In particular, a conspicuous underestimation of the value of the package of Fonsai shares in the hands of the Ligresti compared to that attributed to Unipol was found in a technical consultation arranged by the Turin prosecutors.
#UnipolSai #merger #investigating #judge #Milan #closes #investigation #stock #manipulation