Unicredit doesn't stop at GeneraliAfter having increased its stake from 6,68% to 8,7%, the bank led by Andrea Orcel would have further strengthened, rising above 9% mark. And it might not end here: the market is already expecting, between buybacks and new purchases, a new increase towards 10%, a threshold beyond which, however, the green light from IVASS would be necessary.
Unicredit overtakes Generali's 9% stake
The news is not yet official, but the speculation is far from being unfounded. On Friday, a block of 3,75 million Generali shares, equal to 0,3% of the capital, valued at 141 million euros. The buyers are currently unknown, but the main suspect is Unicredit itself.
Secondo Bloomberg, citing sources close to the dossier, Unicredit has decided to increase its stake in Generali to strengthen trade ties with insurance and consolidate the bank's position in the event of any operations in the company's capital promoted by other operators.
The consolidation also fits into the ongoing discussions between Andrea Orcel and the number one of Leone Philippe Donnet, on possible broader trade agreements. In recent months, in fact, the two managers met several times to discuss the extension of existing partnerships in asset management, insurance and other areas, he further reveals BloombergThe collaboration with UniCredit "is working well," Generali's Donnet said in March. If there's an opportunity to expand it, "we're obviously open to it," he added.
Regarding Generali, negotiations will have to be held with Unicredit.
But Orcel's move isn't just for commercial reasons. The Lion's strengthening of its capital sends a clear message to the market. Anyone wishing to acquire shares or seek control of Generali you will also have to consult Unicredit, now effectively among the main shareholders of the insurance company together with MPS-Mediobanca (13,2%), the Del Vecchio group (10,5%), Caltagirone (6,26%) and Benetton (4,86%).
The Trieste Lion thus returns to the centre of attention once again national banking and insurance risk, with the market continuing to question the fate of the 13,2% stake held by Mediobanca-Mps. A few days ago, the Financial Times He had written that Monte dei Paschi's CEO, Luigi Lovaglio, fresh from his victory at the shareholders' meeting, was considering selling the bank's stake in Generali, with Unicredit and Intesa Sanpaolo listed as "preferred buyers." Monte dei Paschi, however, denied this, stating that it was not considering divesting its stake in the insurer.
