Merger plan to save Fondiaria

ITALIAN insurer Unipol said yesterday it has agreed a four-way merger plan to rescue insurance company Fondiaria-SAI with its parent company Premafin.

Under the planned deal, which also includes Fondiaria’s unit Milano Assicurazioni, Unipol would launch a capital increase of up to €1.1bn (£924m), Unipol said in a statement.

Unipol said it expected the four-way merger to be completed by the end of 2012.