Oct. 9 (Bloomberg) -- Fondiaria-SAI SpA is reducing its 3.9 percent stake in Mediobanca SpA to comply with an Italian regulatory requirement to merge with Unipol Gruppo Finanziario SpA, according to two people familiar with the matter.
Fondiaria is selling 23.1 million Mediobanca shares, or 2.7 percent of its holdings, in an accelerated book building managed by Equita SIM to institutional investors, according to terms obtained by Bloomberg News. The shares are being offered at 5.8 euros to 5.88 euros each, the terms show.
Unipol is merging with Fondiaria and its unit Milano Assicurazioni SpA to become Italy’s second-biggest insurer after Assicurazioni Generali SpA. The Bologna, Italy-based insurer must sell divisions or companies of the newly merged entity to comply with regulatory requests.
A spokesman for Unipol and Fondiaria declined to comment.
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