Times have changed. Much water has passed under the bridge. The time has come to dust off projects that had ended up in a drawer, and so Generali is resuming negotiations with Natixis with the aim of creating a major alliance in asset management, according to the Sole24OreIn recent weeks, a delegation from the Lion of Trieste has made several stops in Paris to reconnect with the negotiations that began at the beginning of the year. Two key points are at the center of the new dialogue: extension of deadlines to close the deal and theelimination of the penalty 50 million is expected in the event of a failure to reach an agreement, but the political uncertainty remains and the risk that the Government will apply the Golden Power.
The memorandum of understanding signed last 21 January It had set a tight roadmap, but developments in recent months have slowed things down. After the April shareholders' meeting and Mediobanca's offer for Banca Generali—conditional on the transfer of its approximately 13% stake in Generali—the Lion's management focused on this dossier, effectively putting the French project on hold.
But with the end of the offer sanctioned by the Piazzetta Cuccia meeting on August 21, priorities changed, and in September, Generali reopened discussions with Natixis. Accumulated delays, however, make it necessary to agree on new deadlines.
The issue of the 50 million penalty could be resolved
Another sensitive point concerns the break-up fee. Although the memorandum was not binding, it had been included a 50 million penalty if the deal were not successful. The clause also required compliance with certain technical requirements, including the approval of the union representatives by July 31st and the completion of other binding commitments. These requirements were met, thus reducing the penalty's severity. The current plan is to eliminate it entirely, a condition that, however, requires the approval of both parties and could ease the negotiations in the event of a backtracking.
The joint venture aims to create a global operator with 1.900 trillion in assets under management, ninth in the world and European leader with 4,1 billion in revenues. Generali would bring in approximately 600 billion in assets, Natixis (via BPCE) approximately €1.300 trillion. Governance would be equal, with each party holding 50%, and based on shared representation criteria.
The project has never pleased some of Leone's major private shareholders, from the Caltagirone group to Delfin, owned by the Del Vecchio family. UniCredit, too, had expressed strong reservations about the operation at its Trieste shareholders' meeting.
