There is just not Guggenheim, but also the US asset manager Brightsphere on the table Assicurazioni Generali in his overseas campaign. Some sources reported by Sole24Ore say this, dusting off a hypothesis already made a couple of years ago, right in the period in which Generali announced the purchase of 24,4% of Cattolica Assicurazioni.
The hypothesis Brightsphere could be even better for the Lion of Trieste than that of Guggenheim as I have a leaner structure, it could have a simpler negotiation, in addition to the fact that it would cost less.
BrightSphere, the Boston-based holding company, has around 91 billion in assets under management (data at the end of the first half) with profits of 29 million dollars. The value of the assets of Brightsphere it is equal to about a third of the other US operator which has around 290 in its portfolio and which has been valued at around three billion. So the outlay could be more limited for Generali.
Contacted on the subject, the General group, which has been present in the United States since 1935 and has focused on insurance and reinsurance products, responded with a "no comment." However, a few days ago, in response to the rumors about Guggenheim, he underlined: «At the request of Consob, with regard to speculation about potential transactions, Generali communicates that, as is already known to the market, it continuously evaluates potential merger and acquisition opportunities in pursuing its strategic plan. However, to date no decision has been made to proceed with any type of operation.
“The possible acquisition of Brightsphere, although consistent with the growth strategy in the US/UK in the Asset Management division as outlined in the plan, would be less transformative than the possible acquisition of Guggenheim, given that it would allow for a growth in AUM of approximately 17% (compared to over 40% of Guggenheim)”, comment the Equita SIM analysts.
The Brightsphere option could bring down the hypothesis of the sale of Banca Generali
Bright's lighter option could make the idea of selling disappear, as Equita sim also suggests General Bank a Mediobanca, moreover a hypothesis that would be examined only in case of need and under certain economic conditions.
At Piazza Affari Generali Insurance share 13,92 euros, up 0,045 pct, while General Bank 28,27 euros, up 0,86 pct, well below the level above 41 euros reached last November.
