FURTHER SIMPLIFICATION HIGHLY POSSIBLE.
POTENTALLY BEFORE FEBRUARY 2016
49,4% UPSIDE, HEDGED IF MERGER / 27% UPSIDE, HEDGED IF MERGER DOESN’T HAPPEN
Investment case
* Trade: + UNIPOL / - UNIPOL SAI cash / cash
* Unipol could eventually merge with Unipol SAI to simplify further its structure
* Unipol current discount to NAV at 33,1%
* A merger UNIPOL / UNIPOL SAI would lead to a 49,4% upside on the strategy
* We think it’s a question of time before merger UNIPOL / UNIPOL SAI takes place
See pdf attached done M.Lascar, our analyst in Paris
Laurent