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Cassa depositi e prestiti Spa (CDP) and Fondo Strategico Italiano Spa (FSI) announce that, following approval by their respective Boards, CDP, the Bank of Italy and FSI today reached an agreement for the Bank of Italy to take a stable minority stake in FSI, transferring as payment its holding in Assicurazioni Generali Spa (Generali), consisting of 69,777,535 ordinary shares representing around 4.5% of the latter’s share capital.
Under today’s agreement, FSI will carry out a capital increase in two instalments:
The operation will result in the issue of new ordinary shares in an amount sufficient to ensure that the CDP Group retains a stake of not less than 80% in FSI.
The value of the holding in Generali for the purposes of the transfer to FSI will be calculated, in compliance with the Italian Civil Code, on the basis of the weighted average market price of Generali shares in the six months preceding the transfer.
Under the terms of the agreement:
As regards the timing of the operation, the capital increase and the transfers are expected to take place by the end of April 2013.
Rome, 19 December 2012