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Italy funds have no industrial partner for Fondiaria
March 20, 2012 / 4:07 PM / 6 years ago

Italy funds have no industrial partner for Fondiaria

MILAN, March 20 (Reuters) - Italian private equity funds Palladio Finanziaria and Sator have not spoken to any industrial partner as part of their plans to rescue troubled Italian insurer Fondiaria-SAI, the head of Sator Matteo Arpe said on Tuesday.

“We have not had any discussions with any industrial partner,” Arpe said in a conference call.

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. (Reporting By Stephen Jewkes)

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