Proto Consulting buys 1 pct of Fondiaria

Italian consulting firm Alessandro Proto Consulting has bought about one percent of insurer Fondiaria SAI, writes Reuters. The troubled insurer is planning a merger with rival Unipol and Fondiaria’s parent, Premafin. Fondiaria has attracted backing from two Italian private equity funds that plan to make a counter bid for Premafin, according to Reuters.

Reuters – Italian consulting firm Alessandro Proto Consulting said on Thursday it had bought about one percent of insurer Fondiaria SAI.

The troubled insurer is planning a four-way merger with rival Unipol and Fondiaria’s parent, Premafin. Fondiaria has attracted investments from two Italian private equity funds that plan to make a counter bid for Fondiaria’s parent, Premafin.

“It is a strategic investment valued on the basis on the company’s situation and on the investors that have taken positions to fight over it,” Proto said in a statement.

The investment was made through Proto Consulting’s sister company Proto Organization Ltd. (Reporting by Jennifer Clark)