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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 CET
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
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Financials (€)
Sales 2017 76 084 M
EBIT 2017 5 096 M
Net income 2017 2 016 M
Debt 2017 -
Yield 2017 5,40%
P/E ratio 2017 11,53
P/E ratio 2018 9,87
Capi. / Sales 2017 0,32x
Capi. / Sales 2018 0,31x
Capitalization 24 216 M
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Mean consensus HOLD
Number of Analysts 28
Average target price 16,4 €
Spread / Average Target 6,1%
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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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