Major Italian bank Intesa Sanpaolo has confirmed that it is reviewing a potential deal with global insurance giant Generali.
In a statement, Intesa Sanpaolo said that it has been 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.
Intesa Sanpaolo said it is interested in growing business in the area of insurance, which would include making international partnerships.
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Reuters earlier reported that Intesa Sanpaolo was considering an all-stock bid for Generali, which has a market value of €22 billion (about £18.8 billion).
In a new report citing an unnamed source,
Reuters claimed that Italy’s market watchdog will summon top executives from Intesa Sanpaolo and Generali in the next two days.
Meanwhile,
Bloomberg reports that, according to analysts, a potential deal between the two companies is unlikely to succeed because of competition concerns and the complexity of such a transaction.
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