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Source: UnipolSai CEO investigated for market rigging

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[May 22, 2014]  MILAN (Reuters) - The chief executive of Italy's No. 2 insurer UnipolSai <US.MI> is under investigation for alleged market rigging, a source close to the investigation said on Thursday.

The investigation is part of a probe being carried out by Milan prosecutors into the merger of the Bologna-based Unipol with peer Fondiaria-SAI.

UnipolSai had no immediate comment while the CEO, Carlo Cimbri, did not reply to an email request for a comment.

At 1027 GMT, UnipolSai shares were down almost 5 percent.

Unipol agreed to buy its troubled rival Fondiaria in 2012 in a complex rescue that was held up by a series of regulatory and legal hurdles.

The merger was officially completed at the beginning of this year.

Another source close to the investigation told Reuters on Thursday that Italian tax police were searching the headquarters of UnipolSai in Bologna.

(Reporting by Manuela D'Alessandro; writing by Stephen Jewkes; editing by Paola Arosio and Tom Pfeiffer)

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