Italian insurer Fondiaria-SAI has proposed share swap ratios for the planned merger with Unipol that would give its peer 61 percent of the new merged entity, Italian newspapers said on Friday.

Unipol has previously said it wants some 67 percent of the new insurance group.

In January, Unipol agreed to a complex deal to save the loss-making Fondiaria in a four-way merger which also involves Fondiaria parent Premafin and its unit Milano Assicurazioni.

In a statement early on Friday, Fondiaria said it had sent its proposal for the share swap parities to all the companies involved in the merger deal but did not give any numbers.

Fondiaria also said it would continue to look into a rival offer from two private equity funds Palladio Finanziaria and Sator.

But it added it would cease to consider the funds' offer if Premafin, Milano Assicurazioni and Unipol agreed to its share swap ratio proposal.

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