Unipol, takeover bid on UnipolSai at 2.7 euros per share. Profit and coupon rise
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MILAN – The group Unipol has approved a corporate rationalization project “to be achieved through the merger by incorporation of UnipolSai in Unipol Gruppo”. As part of the operation, we read in a note, the launch of a voluntary public takeover offer by Unipol on UnipolSai at the price of 2.7 euros per share is expected.
The accounts for 2023
An operation also announced on the day of the communication of the 2023 accounts. The group closed the year with a consolidated profit of 1,331 million euros, up compared to the 866 million of the previous year, and with premium income up by 10%. 4%, to 15.1 billion euros, to which the non-life business contributed 8.7 billion (+4.2%) and the life business 6.4 billion (+20%). The dividend, we read in the press release, has been set at 0.38 euros per share, up compared to 0.37 euros in 2022, equal to a total dividend of 273 million.
Confirmed is “an income trend for consolidated management for the current year in line with the objectives set in the 2022-2024 strategic plan”.
12.6% premium
Returning to the subsidiary’s incorporation project, the group explains that it envisages the merger for
incorporation into Unipol of UnipolSai Assicurazioni, as well as of Unipol Finance Srl, UnipolPart I SpA and Unipol Investment SpA, companies wholly owned by Unipol which hold investments in UnipolSai, with an exchange ratio determined by the boards of directors of Unipol and UnipolSai at 3 Unipol shares for each 10 UnipolSai shares. Upon completion of the operation, Unipol Gruppo will take the name of Unipol Assicurazioni.
The consideration for the tender offer incorporates a premium equal to 12.6% compared to the official price of UnipolSai shares as of 15 February 2024 and 16.3% compared to the weighted arithmetic average of the official prices recorded by UnipolSai in the last six months. The offer, which will be financed by Unipol with its own resources, will concern a maximum of 417,386,600 UnipolSai shares, equal to 14.75% of the share capital, and the consideration will be ‘cum dividend’, i.e. including the coupons relating to any dividends distributed by UnipolSai. For shareholders who do not wish to participate in the merger there will be the possibility of exercising withdrawal at 5.27 euros per share.
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