Italian choose drops proceedings towards Unipol boss over Fondiaria merger – Enterprise Insurance
(Reuters) – An Italian judge on Thursday dropped a case against the CEO of Unipol and six other people in connection with the merger between Italy's second largest insurer and smaller rival Fondiaria-SAI in 2013, a court document viewed by Reuters showed .
Carlo Cimbri and the others were investigated for alleged market manipulation, as the Milanese prosecutors suspected that Unipol did not explain its large portfolio of structured derivatives precisely and that this had an impact on the definition of the share exchange ratios for the association with Fondiaria.
At the end of the investigation, however, the public prosecutor applied for the proceedings to be closed.
Milan judge Anna Calabi, in the decree filed on December 23 and viewed by Reuters, granted prosecutor's motions and dropped the case against Mr Cimbri and the other suspects on the grounds that she said there was no crime.
Unipol declined to comment.
Bologna-based Unipol agreed in 2012 to buy troubled rivals Fondiaria in a complex bailout that was held back by a series of regulatory and legal hurdles.
The merger created UnipolSai, Italy's second largest insurance group after Assicurazioni Generali, and was officially closed on January 6, 2014.