Generali makes shares move to block takeover by Intesa Sanpaolo
Italian insurer Assicurazioni Generali has acquired 510 million of ordinary shares of Italian bank Intesa Sanpaolo, equal to 3.04 percent of its overall share capital to block a potential takeover move.
Earlier this year, Intesa Sanpaolo confirmed that it is considering the acquisition of Assicurazioni Generali.
Generali also said in a statement that it started the process to terminate a previously disclosed securities lending transaction. At the same time, Generali has entered into a collateralized derivative transaction in order to fully hedge the economic risk related to the acquisition of the Intesa shares.
Referring to a possible M&A transaction with Generali, Intesa had earlier explained in a formal statement that it is interested in industrial growth in insurance among other areas in synergy with its banking networks, including through possible international partnerships.
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