Insurance powerhouse Generali is making moves aimed at fending off a planned takeover by major Italian bank Intesa Sanpaolo, which confirmed last month that it was reviewing a potential deal with the insurer.
Citing a source familiar with the matter,
Reuters reported on Sunday that Generali will hold a meeting today to discuss the 3% stake it bought in Intesa Sanpaolo in January to repel unwanted interest from the bank.
Italian business newspaper
Il Sole 24 Ore also reported that the Generali management and board members might also discuss plans of getting a second adviser to strengthen its defence against any move by Intesa.
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On January 24, Intesa Sanpaolo said it was interested in growing business in insurance and that it was examining possible opportunities to strengthen its competitive positioning and financial performance.
“These opportunities, including possible industrial combinations with Assicurazioni Generali, are currently being examined by the bank’s management,” the company said in a previous statement.
In a new statement on Friday, the Italian lender said that the “possible industrial combinations” with Generali “are still only subject of a case study, in the context of multiple assessments that the management of the Bank regularly carries out.”
Bloomberg previously reported that, according to analysts, the Generali-Intesa deal is unlikely to happen due to its complexity and competition concerns. Meanwhile, over 100 Italian senators had reportedly asked their government to protect the insurance giant from any foreign takeover.
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