Reuters: Global Markets: Fondiaria prices rights issue for Unipol merger at 1 euro

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Fondiaria prices rights issue for Unipol merger at 1 euro Jul 6th 2012, 06:45 MILAN | Fri Jul 6, 2012 2:45am EDT MILAN (Reuters) - Italian insurer Fondiaria-SAI (FOSA.MI) said on Friday it had priced a 1.1 billion euro rights issue which is part of plans to merge with smaller peer Unipol (UNPI.MI) at 1 euros per ordinary share. Fondiaria said in a statement the price was equivalent to a 24.7 percent discount compared with the theoretical ex-rights price (TERP) of the shares calculated on the basis of Thursday's closing price. The insurer said it would offer shareholders 252 new ordinary shares for every share they own. Savings shares would be priced at 0.565 euros each, with a 24.9 percent discount compared with the TERP. Shareholders have the right to buy 252 new savings shares for every old savings share they own. The share issue hinges on the signing of the contract with the bank consortium that will guarantee the capital increase, Fondiaria said.

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