MILAN, March 20 (Reuters) - The plan of Italian funds Palladio Finanziaria and Sator to rescue Fondiaria SAI expects the troubled insurer to pay a dividend in 2014, Sator head Matteo Arpe said on Tuesday.
“In the first period of restructuring we don’t expect a dividend,” Arpe said.
Sator, founded by Italian turnaround banker Arpe, and Palladio are ready to inject up to 450 million euros in Fondiaria parent Premafin to save Fondiaria.
The offer is a rival bid to that of insurer Unipol which in January agreed to a deal brokered by top investment house Mediobanca to save Fondiaria in a four-way merger involving a series of capital increases.
Arpe said the two funds had no ‘plan B’ for Fondiaria and had no exit strategy.
The two funds have an overall 8 percent of Fondiaria. (Reporting By Stephen Jewkes)