A minority share of 4% of the Generali insurance company has been acquired by Milan-based Italian, according to a Bloomberg report. Unicredit notified about 4.1% of Italy’s largest insurance company. The shares of the insurance company had reached the highest level in the last 15 years and in particular 30 euros per share. “UniCredit has no strategic interest in Generali,” the bank said, with its focus remaining on the bid for Banco BPM SpA and the investment in Commercebank AG, along with the execution of its business plan. CORVERSE This is another surprise market by UniCredit CEO Andrea Orcel and the latest move in a complex trading grid in the Italian financial sector. In January, Generali signed a non-binding agreement with French BPCE to merge their investment activities and create the second largest asset manager in Europe. The companies will each own 50% of the entity, which will be managed by around 1.9 trillion euros (2 trillion dollars). On the basis of Friday’s closing price (31.1.2020), a 4.1% share in Generali is worth around 1.97 billion euros, according to data collected by Bloomberg.
Bloomberg: Italian Bank Unicredit buys share of Gererali
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