Home » Unipol announces profits and takeover bid on UnipolSai. Stock up to +16% on Piazza Affari

Unipol announces profits and takeover bid on UnipolSai. Stock up to +16% on Piazza Affari

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Unipol announces profits and takeover bid on UnipolSai.  Stock up to +16% on Piazza Affari

The Unipol stock immediately flies to Piazza Affari, after the double announcement of the insurance company led by CEO Carlo Cimbri: the group published the accounts for 2023 and the fourth quarter of the year, announcing the launch of a takeover bid (public takeover offer) voluntary on all of UnipolSai’s shares.

Unipol shares immediately moved to the top of the Ftse Mib list on Piazza Affari, marking a rally of approximately +16%, at 6.55 euros. Ditto the UnipolSai shares, which jumped by more than 10%, to 2.668 euros.

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Unipol, Cimbri announces 2023 accounts and launch of takeover bid on UnipolSai

The Bolognese insurance company Unipol, led by CEO Carlo Cimbri, announced its accounts this morning and the start of the merger project with UnipolSai.

Unipol announced that it ended 2023 with a consolidated net profit of €1.331 billion, compared to the €866 million profit in 2022 “calculated using the previous accounting principles”. Direct insurance collections will grow in 2023, reaching 15.1 billion, up 10.4% on an annual basis. In the non-life business, direct collection amounted to 8.7 billion euros (+4.2%), while in the life business it amounted to 6.4 billion euros, reporting an annual growth of +20.0 %.

Unipol’s combined ratio was 98.2%, with the consolidated solvency ratio at 200% and the insurance sector solvency ratio at 239%.

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The big announcement, relating to the start of the merger project with Unipol and therefore to the launch of a takeover bid, was made in conjunction with the 2023 budget results released and with a separate note, relating to the details of the public takeover offer promoted volunteer.

The corporate rationalization project of the Unipol Group has been approved, to be carried out through the merger by incorporation of UnipolSai into Unipol Gruppo, in the context of which the promotion of a voluntary public takeover offer by Unipol Gruppo on the ordinary shares of UnipolSai is also envisaged, Ad following the Merger, Unipol Gruppo will take the name of Unipol Assicurazioni SpA

The takeover bid for UnipolSai has already been launched. In fact, Unipol has announced that as of today the offer concerns a maximum of no. 417,386,600 shares, representing 14.750% of the share capital of UnipolSai. As regards the price of the takeover bid, Unipol will pay a consideration equal to Euro 2,700 (cum dividend, i.e. inclusive of coupons relating to any dividends distributed by the issuer or by UnipolSai Assicurazioni SpA) for each share tendered in acceptance of the offer.

The price of the tender offer incorporates:

a premium equal to 12.6% compared to the official price of the Shares on 15 February 2024 (last trading day before the dissemination of this Communication). and a premium equal to 16.3% compared to the weighted arithmetic average of the official prices recorded by the Shares in the six months preceding the date of dissemination of this Communication.

As regards dividends, Unipol has proposed to the meeting which will be called for 24 April a coupon of 0.38 euro per share (dividend yield 6.6%), compared to 0.37 euro per share in 2022.

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(currently being written)

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