09/11/2012
12.14 p.m.
Press Release
Board resolution to acquire Mediolanum Assicurazione S.p.A.
With reference to the information set out in the press release of July 31, 2012, Mediolanum S.p.A. announces that its Board of Directors has resolved to proceed with the acquisition of the entire share capital of Mediolanum Assicurazione S.p.A., the non-life insurance company with registered office in Basiglio, Milano 3, Palazzo Meucci - Via F. Sforza.
As the sellers are majority shareholders of both Mediolanum S.p.A. (acquirer) and Mediolanum Assicurazione S.p.A. (acquiree), the acquisition is a related-party transaction 'of lesser significance' as per article 4 of the Procedures under Consob Resolution No. 17221 and pursuant to paragraph 7.1 of said Procedures, and the Mediolanum S.p.A. Audit Committee has unanimously given its positive opinion on the transaction.
Mediolanum Assicurazione S.p.A. - whose complementary business to the Mediolanum Group generated interest in the acquisition - operates in the insurance and reinsurance markets, offering retail customers a suite of insurance products featuring standardised contracts for the protection of individuals, households, equity and assets (non-life business, excluding Motor TPL).
At December 31, 2011, Mediolanum Assicurazione S.p.A reported a net profit of €2.6 million, shareholder's equity of €32.6 million and premiums written of €25.3 million.
Subject to regulatory approval, the acquisition is expected to be concluded by the end of the current year for a consideration of €35.9 million euro, as determined by the Parties based on Mediolanum Assicurazione S.p.A.'s accounts and the value of its in-force business at March 31, 2012, and backed by the valuation of the company's entire capital made by PriceWaterhouseCoopers Advisory S.p.A.
Said consideration is subject to an accounting adjustment based on accounts and the net present value of Mediolanum Assicurazione S.p.A.'s in-force business at December 31, 2012.
When the transaction is finalised the company will announce it.
