In addition FonSai awash with a debt of EUR 1

After several weeks of rumors and guesswork that will be much agitated the Italian business community, Groupama eventually kill his cards. The group led by Jean Azéma decided to a very serious option on the transalpine insurer FonSai by entering Premafin capital, the holding company of majority owned control so far, by the Ligresti family. Friday, they announced a capital increase of EUR 226 million, and the conclusion of an agreement that Groupama participates in the amount of EUR 145 million. The Ligresti, who currently hold 51 of Premafin, say "accepted the proposal put forward by Groupama to enter as society minority shareholder". To do this, they will assign their subscription rights and to be dilute to 34, which will allow the company to hold, in fine, 17 of the capital of Premafin. Groupama will have the opportunity to appoint "at least one Member" on the Board of Directors.

Moreover, and this is the heart of the agreement, the Ligresti family committed for a period of two years to no longer sell shares Premafin and not to give in the "direct or indirect" control of FonSai and its main subsidiary, Milano Assicurazioni. This period of time, Groupama "shall be consulted" if one of the members of the Pact of Premafin shareholders to sell shares.

Contrary to what he said until recently, Groupama offered the services of Vincent Bolloré in this operation. Last Thursday, on the margins of the General Assembly of the Mediobanca merchant bank that concluded between the breton investor and the Ligresti family. Jean Azéma, who is a Director of Mediobanca (Groupama holds 5 of capital), was absent, as it has indeed always been all meetings in Milan. If the pattern of Groupama has long-standing Ligresti - Patriarch, Salvatore, has yet made visit to Paris early October-, he preferred to rely in the negotiation to its financial Director, Christian Collin, and especially to Vincent Bollore, which knows the Italy as his pocket and himself brought to 5 stake in Premafin in recent weeks. Vincent Bolloré defended to have played the Trojan horse for the benefit of Groupama. "He simply wanted to encourage investors to focus on Premafin, it was more a signal than anything else", advance his entourage.

Leader in auto insurance

In any case, Groupama has set foot in the door of FonSai, target priority now for grow in Italy, its second market after the France. The Group made no official comment but confirmed de facto his ambition to become one of the first five insurers across the Alps, alongside Generali, Unipol, Mediolanum, and Allianz. After having merged the local activities of the ex-GAN with Nuova Tirrena, a company purchased from Generali in 2007, it has a network of 840 agencies there and has a turnover of EUR 1.4 billion, 80 in the damage insurance.

Its strategy will deserve clarification because the objective of reducing the share of the automobile in its damage (66 currently) activity was unlikely to be achieved with FonSai, leader of auto insurance in Italy. In addition, FonSai awash with a debt of EUR 1.8 billion and suffered losses in the first half of 2010 EUR 145 million. Ligresti family, this case has the air of a breath of oxygen.