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

ASSICURAZIONI GENERALI (G)
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Assicurazioni Generali : Buys 3% Stake in Intesa Sanpaolo in Defensive Move

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02/17/2017 | 07:08pm CEST

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.

Stocks mentioned in the article
ChangeLast1st jan.
INTESA SANPAOLO 0.05% 3.1115 End-of-day quote.12.27%
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Financials (€)
Sales 2018 75 063 M
EBIT 2018 4 885 M
Net income 2018 2 405 M
Debt 2018 -
Yield 2018 5,51%
P/E ratio 2018 10,37
P/E ratio 2019 9,97
Capi. / Sales 2018 0,34x
Capi. / Sales 2019 0,34x
Capitalization 25 606 M
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 16,5 €
Spread / Average Target 0,89%
EPS Revisions
Managers
NameTitle
Philippe Donnet Group Chief Executive Officer, MD & Director
Gabriele Galateri di Genola e Suniglia Chairman
Jaime Anchustegui Melgarejo Group Chief Operations & Insurance Officer
Luigi Lubelli Group Chief Financial Officer
Bruce M. Hodges Group Chief Information & Digital Officer
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