Cariverona says waiting for UniCredit cap hike terms

MILAN, Nov 6 (Reuters) - UniCredit's (CRDI.MI: Quote, Profile, Research)'s biggest voting shareholder, the Cariverona foundation, has not ruled out subscribing to the bank's 4 billion euro ($5.94 billion) capital hike and was waiting for the terms, the foundation's chairman said.

The foundation, which has a 5.72 percent stake in the Italian bank, said last week it would vote in favour of the capital hike. [ID:nLU726874]

Cariverona did not subscribe to UniCredit's last capital increase earlier this year.

"We do not have the right terms (for the operation) to decide. But we do not have any prejudice against the operation. It all depends on the conditions under which it will be executed," Chairman Paolo Biasi said

UniCredit said in September it would raise the funds through a rights issue, avoiding the need to take up government-backed bonds which have more onerous conditions attached.

Executives for Italy's largest bank met this week to discuss slimming down the company's corporate structure, sources close to the matter said. [ID:nL3438264]

Chief Executive Alessandro Profumo has long wanted to streamline operations in Italy, one of the sources said. Wrapping up mergers with Germany's HVB in 2005 and Rome bank Capitalia in 2007 has made the Italian structure a next move.

With regard to the reorganisation, Biasi said Cariverona was neutral on the operation, but that it could be useful.

"You need to see the returns and the objectives that will be indicated and whether they are sufficient and necessary to this reorganisation," he said.

"We have not yet seen the project but the idea is to shorten the chain and be more punctual and timely on regional requests."

He said Cariverona and other major shareholder foundations had requested to meet the bank's top managers following a Thursday meeting on the project. Cariverona is still interested in looking to increase its 3.13 percent stake in Mediobanca (MDBI.MI: Quote, Profile, Research), Biasi said. ($1=.6734 Euro) (Reporting by Carlo Saccon)