UniCredit To Buy €170M Fondiaria Stake

Italian bank,UniCredit, may buy a part ofPremafin Finanziaria’s shares in insurer,Fondiaria-Sai,Bloombergreports. The bank may acquire a 7% stake, paying about €170 million for Premafin’s rights in Fondiaria’s proposed €460 million share sale.

The acquisition will reduce Premafin’s stake in Fondiaria to 34% from 42%. Fondiaria is controlled by Premafin, which is owned by the Ligresti family.

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