Generali suitor Intesa Sanpaolo has Italian government support - reports (translated)
Intesa Sanpaolo [BIT:ISP], has the support of the Italian government in its bid for Italian insurer Assicurazioni Generali [BIT:GASI], Italian-language daily, Il Messaggero reported.
The report cited ministerial sources close to the government who said that the government supported the operation as they believed it would forestall a possible takeover bid by Axa [EPA:CS] , the French insurer.
The item cited the sources as saying that the government support had less to do with defending the Italian nature as Generali, as in creating a major retail savings group for the country. The item said that it would be unwise for such a major national asset to fall under the control of the French company.
The report further noted, however, that the government is worried about Intesa teaming up with German insurer Allianz [ETR:ALV] on the bid, as it is not in favour of Generali selling its French and German assets.
The item cited Axa CEO, Thomas Buberl, as declaring that the French group had no interest in making a large acquisition.
An unsourced item in Italian language daily La Stampa claimed that Pedersoli and McKinsey were advising Intesa in addition to UBS.
Another unsourced item in La Stampa claimed that Allianz was interested in Generali's assets in France, Spain, Switzerland and eastern Europe but was less interested in Generali's German operations.
As previously reported, Intesa could make a mixed share and cash offer for 60% of Generali, with the cash component being EUR 3bn and the share component EUR 12bn.
The Il Messaggero article appeared in print; page 19.
The La Stamp articles appeared in print; pages 6-7