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Unipol May Lower Swap Ratio in Fondiaria Merger, Messaggero Says

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April 21 (Bloomberg) -- Unipol Gruppo Finanziario SpA may lower the swap ratio in a planned merger with Fondiaria-SAI SpA to control 60 percent to 65 percent of the company once the deal is completed, il Messaggero reported.

Unipol previously proposed holding 66.7 percent of the new entity. As part of the new terms being discussed, Premafin Finanziaria SpA, Fondiaria’s controlling shareholder, may convert all of its debt into a convertible bond, Messaggero reported, without saying how it got the information.

Separately, Il Sole 24 Ore said Fondiaria may hold a board meeting as soon as tomorrow.

To contact the reporter on this story: Chiara Remondini in Milan at cremondini@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net