(Reuters) – An Italian judge on Thursday dropped a case against the CEO of Unipol and six other people related to the 2013 merger between Italy's second-largest insurer and smaller rival Fondiaria-SAI, a judicial document seen by Reuters showed.
Carlo Cimbri and the others were under investigation for alleged market rigging as Milan prosecutors suspected Unipol did not accurately account for its large structured derivatives portfolio and that this had an impact on the setting of the share swap ratios for the tie-up with Fondiaria.
At the end of the investigation, however, the public prosecutor's office itself asked for the case to be dismissed.
Milan judge Anna Calabi, in the decree filed on Dec. 23 and seen by Reuters, granted the requests of prosecutors and dropped the case against Mr. Cimbri and the other suspects, saying there was no crime.
Unipol declined to comment.
Bologna-based Unipol agreed to buy troubled rival Fondiaria in 2012 in a complex rescue operation that was held up by a series of regulatory and legal hurdles.
The merger created UnipolSai, Italy's second largest insurance group behind Assicurazioni Generali, and was officially completed on Jan. 6, 2014.
Italian weather agency Il Meteo forecasts severe rains, storms and snowfall over the next few days due to storm Poppea which is likely to create a cyclone, triggering adverse weather conditions in central and northern regions of Italy, The Local reported. The country’s Department of Civil Protection issued an orange alert for flooding, heavy rainfall and landslides in Veneto on Nov. 2, while there are also chances of cloudbursts in Campania.