Berkshire targets activities to be sold by Unipol - report.
M2 EQUITYBITES-June 10, 2013-Berkshire targets activities to be sold by Unipol - report(C)2013 M2 COMMUNICATIONS http://www.m2.com
10 June 2013 - US diversified group Berkshire Hathaway Inc (NYSE:BRK.A), owned by business magnate Warren Buffett, is keen on acquiring the activities that Italian insurer Unipol Gruppo Finanziario SpA (BIT:UNI) needs to shed as part of its planned tie-up with Fondiaria-SAI SpA (BIT:FSA), Il Sole 24 Ore reported.
According to the business daily, Berkshire is targeting commercial assets owned by Fondiaria's Milano Assicurazioni SpA (BIT:MI). The paper added that non-binding bids are due next Friday.
At the beginning of May, Unipol's CEO Carlo Cimbri noted that some ten to 15 parties had expressed preliminary interest in buying the operations. The list of suitors included Germany's Allianz SE (ETR:ALV), France's AXA SA (EPA:AXA), UK's Aviva Plc (LON:AV), Zurich Insurance Group Limited (VTX:ZURN), Italy's Cattolica Assicurazioni SCRL (BIT:CASS) and a few private equity funds, Cimbri told reporters at the time, as quoted by Reuters.
Italy's competition regulator has demanded that Unipol offloaded operations combining premiums of EUR1.7bn (USD2.2bn) as part of its merger with Fondiaria-SAI, which was agreed in December last year and is seen to close by the end of 2013.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jun 10, 2013|
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