SAI-SOCIETÀ ASSICURATRICE INDUSTRIALE/ LA FONDIARIA ASSICURAZIONI
PRESS RELEASE
PRESS RELEASE
SAI/FONDIARIA: THE COMPETITION AUTHORITY HAS EXTENDED ITS INVESTIGATION INTO MEDIOBANCA AND PREMAFIN
At its meeting on 10 October 2002, the Competition Authority resolved to commence an investigation into the Premafin Finanziaria Holding and Mediobanca Banca di Credito Finanziario companies in relation to the SAI/FONDIARIA operation.
The investigation that was conducted on the basis of the information gathered during the enquiries that began on 2 September 2002 has shown that the operation as originally notified differed in a number of respects from the one submitted by the parties when notifying the operation. From the evidence gathered, Mediobanca played a fundamental part in implementing the operation, such that it was likely to result in joint control exercised by Mediobanca and Premafin over Fondiaria-Sai. Furthermore, the documentation collected during the course of the investigation made it possible to conclude that, at least as from the date of the Fondiaria-Sai operation, Mediobanca held de facto control of Generali.
This made it necessary to consider the circumstance that when Mediobanca acquired joint control of Italy's leading loss and damage insurance group (Fondiaria-Sai) at the same time it strengthened or acquired the possibility to exercise a decisive influence over the management of Generali, the main rival of the new entity. This consideration was necessary to be able to make an accurate and full analysis of the competition-related issues raised by the operation.
This being so, the operation at issue, whose real nature became clear to the Authority from the evidence it had gathered during the inspection, differed substantially from the operation as originally notified.
In order to appraise the operation the Authority decided that it was necessary to investigate it in terms of all the companies forming part (Premafin, Mediobanca, Sai and Fondiaria).
If the existing evidence were to confirm Mediobanca's control of Generali, the operation could have a Community dimension and would therefore fall within the jurisdiction of the EC Commission.
The investigation instituted by the Authority will have to be concluded within 45 days of its commencement.
Rome, 12 October 2002.