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4-Traders Homepage  >  Equities  >  Italian Stock Exchange  >  Assicurazioni Generali SpA    G   IT0000062072

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Assicurazioni Generali : Buys 3% Stake in Intesa Sanpaolo in Defensive Move

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02/17/2017 | 07:08pm CET

By Giovanni Legorano

ROME--Italian insurer Assicurazioni Generali SpA said Friday it bought a 3.04% stake in Intesa Sanpaolo SpA, in a defensive move aimed at stopping the bank from buying a large stake in Generali.

Last month, the insurer had bought voting rights worth 3.01% of Intesa's share capital via a securities lending transaction in a bid to block a potential takeover move by Intesa. It said Friday it has started the process to terminate this transaction.

According to Italian regulations and under certain conditions, a listed company can't hold more than 3% in another listed company's voting rights if the latter already owns voting rights equal to more than 3% of the former company's share capital.

This means that if Intesa bought a stake in Generali larger than 3%, the voting rights corresponding to the exceeding capital would be frozen. In addition, Intesa would have to sell the exceeding shares within a year. Intesa could avoid these restrictions if it launched a takeover bid for at least 60% of Generali's capital.

The bank, which is Italy's second largest by assets, recently said a tie-up with Generali was one of the many options it was assessing as part of its strategy of growth in the insurance, asset management and private banking sectors.

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Financials (€)
Sales 2016 76 501 M
EBIT 2016 4 383 M
Net income 2016 2 166 M
Debt 2016 -
Yield 2016 5,34%
P/E ratio 2016 10,21
P/E ratio 2017 9,63
Capi. / Sales 2016 0,29x
Capi. / Sales 2017 0,30x
Capitalization 22 400 M
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Mean consensus HOLD
Number of Analysts 28
Average target price 15,2 €
Spread / Average Target 5,8%
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NameTitle
Philippe Donnet Group Chief Executive Officer, MD & Director
Gabriele Galateri di Genola e Suniglia Chairman
Alberto Minali Group Chief Financial Officer & General Manager
Bruce M. Hodges Head-Information Systems
Francesco Gaetano Caltagirone Vice Chairman
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