The Italian Competition Authority clears a merger in the financial sector with behavioural remedies which were finally waived due to a change of circumstances (Società Assicuratrice Industriale / La Fondiaria Assicurazioni)

Colonna, Angela

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17 Dec 2002

The Italian Competition Authority clears a merger in the financial sector with behavioural remedies which were finally waived due to a change of circumstances (Società Assicuratrice Industriale / La Fondiaria Assicurazioni)

KEYWORDS

References

Italian Competition Authority,Società Assicuratrice Industriale/La Fondiaria Assicurazioni, Decision No. C5422B, 17 December 2002 (Italian)

The National Supervisory Body For Private Insurance, SAI and La Fondiaria Assicurazioni, 16 December 2002 (Italian)

The operation At first the two parties involved in the transaction were Fondiaria and Sai, two insurances companies based in Italy. On 6 August 2002, Sai notified the ICA the concentration by which Sai indented to acquire 29,9% of the capital stake of Fondiaria with the aim to be merged with Fondiaria, thus creating the newly legal entity Fondiaria-Sai. After market investigations, the ICA found that the operation was just the first step of a wider transaction between Mediobanca and Premafin, which turned out to be the companies holding a de facto joint control on Fondiaria-Sai. Furthermore, the ICA's investigations

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Author

Angela Colonna
Chiomenti (Rome)

Italy 2 contributions 5237 visits

Quotation

Angela Colonna, The Italian Competition Authority clears a merger in the financial sector with behavioural remedies which were finally waived due to a change of circumstances (Società Assicuratrice Industriale / La Fondiaria Assicurazioni), 17 December 2002, e-Competitions December 2002, Art. N° 21205

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