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

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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 CET
File photo of the Intesa Sanpaolo logo seen in Milan

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.

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
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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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