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

ASSICURAZIONI GENERALI (G)
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Assicurazioni Generali : Generali buys 3 percent of Intesa Sanpaolo, ends previous securities deal

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02/17/2017 | 06:30pm CEST
File photo of the Intesa Sanpaolo logo seen in Milan

MILAN (Reuters) - Italy's biggest insurer Assicurazioni Generali (>> Assicurazioni Generali SpA) said on Friday it had bought 510 million shares in Intesa Sanpaolo (>> Intesa Sanpaolo SpA) equal to a 3.04 percent stake, effectively blocking the lender from acquiring a large stake in itself.

MILAN (Reuters) - Italy's biggest insurer Assicurazioni Generali (>> Assicurazioni Generali SpA) said on Friday it had bought 510 million shares in Intesa Sanpaolo (>> Intesa Sanpaolo SpA) equal to a 3.04 percent stake, effectively blocking the lender from acquiring a large stake in itself.

Intesa has said it is studying a possible combination with the insurer in a deal that would create a financial powerhouse with a market value of around 60 billion euros (£51 billion).

The stake acquisition replaces a 3 percent holding in Intesa that Generali had taken through a securities lending transaction last month. The insurer said on Friday that it had launched the process to terminate that securities transaction.

According to Italy's cross-shareholding regulations, a company cannot hold more than 3 percent of another entity's voting rights if the latter already has a stake of more than 3 percent in the former one.

However, the limits would no longer apply should Intesa launch a takeover bid for at least 60 percent of Generali's share capital.

At Friday's closing price, the 3.04 percent stake in Intesa is valued at around 1.1 billion euros.

(Reporting by Agnieszka Flak; editing by Silvia Aloisi)

Stocks treated in this article : Assicurazioni Generali SpA, Intesa Sanpaolo SpA
Stocks mentioned in the article
ChangeLast1st jan.
INTESA SANPAOLO -1.97% 2.562 End-of-day quote.-5.65%
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Financials (€)
Sales 2018 72 239 M
EBIT 2018 4 997 M
Net income 2018 2 415 M
Debt 2018 -
Yield 2018 6,17%
P/E ratio 2018 9,17
P/E ratio 2019 8,76
Capi. / Sales 2018 0,32x
Capi. / Sales 2019 0,31x
Capitalization 22 898 M
Chart ASSICURAZIONI GENERALI
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Assicurazioni Generali Technical Analysis Chart | G | IT0000062072 | 4-Traders
Technical analysis trends ASSICURAZIONI GENERALI
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 26
Average target price 16,4 €
Spread / Average Target 14%
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
Sector and Competitors
1st jan.Capitalization (M$)
ASSICURAZIONI GENERALI-3.75%26 381
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AXA-13.30%60 267
METLIFE-9.55%46 486
PRUDENTIAL FINANCIAL-15.78%40 992
MANULIFE FINANCIAL CORP.-5.26%37 047