Generali suitor Intesa Sanpaolo not ruling out hostile bid for company; Axa likely buyer for Generali’s German business
25 JAN 2017
Italian bank Intesa Sanpaolo [BIT:ISP], is not ruling out submitting a hostile takeover offer for the Italian insurer Assicurazioni Generali [BIT:G], the Financial Times reported, citing a person close to Intesa.
The person said that Intesa CEO Carlo Messina was contemplating a bid for Generali in partnership with the French insurance group Axa [EPA:CS] and German financial services group Allianz [ETR:ALV].
Axa is the company most likely to acquire Generali’s German business, the report said, citing people briefed on the matter.The report also cited people within the insurance industry who said Allianz has been thought of as a possible acquirer of Generali's French operations for some time now.
In a separate development, the newspaper said Generali Deputy Chief Executive Alberto Minali is likely to tender his resignation at a board meeting in Milan on Wednesday, 25 January. The report cited two people with knowledge of the matter for the information.
The article went on to cite a person close to Generali who said Minali and Generali’s new CEO Philippe Donnet have in recent months been at odds over strategy.
Generali’s market capitalisation stood at EUR 24.05bn (USD 25.80bn) at the close of trading in Milan on Wednesday.
The report appeared on page 18 of the UK print edition of the Financial Times on Wednesday, 25 January.