milano assicurazioni fondiaria sai italy insurance mi hold prev buy target 4 fsa accumulate 22 february 8 2005 price 50 19 80 bci index 1 532 n 35 important disclosures appear at the back of this report giuseppe mapelli 39 02 6204 845 g eurosim it sim e spa uromobiliare rumours merger between and in an interview published weekend edition business newspaper mf s ceo fausto marchionni indicates a its subsidiary as being probable medium term tone however leads us to think that move might take place earlier than we had previously thought 3 years would make financial sense since shorten chain control accelerating passage dividends shareholders from standpoint cost synergies similar be very limited all functions capable centralised are already managed group level calculating ratio have used weighted average different valuation methods gives
