Generali wants to sell Generali Portugal. To reveal the news is the Portuguese newspaper Economic Journal, according to which the Portuguese subsidiary will enter the Leone sale programme. The newspaper points out that last November the company led by Philippe Donnet announced its intention to exit more than a dozen more mature markets where it is present today and Portugal has not currently been included in the list of divestments.
Not only that, second Economic Journal, the insurance company in Portugal is already the subject of expressions of interest by Caravela, Libery or Zurich. In detail, there would already be "unsolicited offers" and the formal sale process will begin by the end of October. The Trieste-based company will mandate an investment bank, investors will be contacted and confidentiality agreements signed to access the accounts.
Among the companies involved there may also be Allianz, as President Teresa Brantuas admitted in an interview with Jornal Economico. “What can lead Allianz to buy a company in Portugal is the fact that it wants to grow and because the Allianz group continues to want to invest in Portugal. Our goal is to expand."
