Generali considering acquisitions with EUR 4bn warchest
Listed Italy-based insurer Assicurazioni Generali [BIT: G] is considering making acquisitions in order to reinforce its presence in the asset management sectors as well as in sectors with strong potential. A report from French daily Le Figaro cited Philipe Donnet, head of Generali, as saying that the group had about EUR 3bn-EUR 4bn available for acquisitions that it would use but only for opportunities that are good for the company.
The Italian group is keen to strengthen is leadership position on the German and Italian markets and reinforce its French market. Finally the company also aims at growing its Europ Assistance subsidiary, which specialised in travel protection services, especially in Asia and Latin America, the report went on to say.
The report noted that Generali has about EUR 10bn total cash available. With EUR 4bn that can be spent on acquisition, up to EUR 2bn could be used to reduce the debt of the group, while the remainder (EUR 4-5bn), would be redistributed to the shareholders.