Generali shares jump on talk Intesa bid could come soon
Shares in Generali (GASI.MI) rose more than 4 percent on Thursday, with traders cited market talk a bid for the insurer from Italy's biggest retail bank Intesa Sanpaolo (ISP.MI) was round the corner.
One of the traders said there were rumors that Intesa Sanpaolo was readying a cash and paper deal valuing Generali at 17 euros per share.
A spokesman for Intesa Sanpaolo categorically denied that a possible bid for Italy's biggest insurer was on the agenda of board meetings scheduled for Thursday and Friday.
At 1001 GMT Generali shares were up 4.4 percent at 15.3 euros.
Intesa said last week it was examining a possible tie-up with Generali in what would be one of Europe's biggest deals of this kind.