Generali counter-offensive to defend itself against a possible attack by Intesa Sanpaolo: the Lion has acquired the voting rights on 505 million Intesa Sanpaolo shares equal to 3,01% of the capital, through a securities lending operation. After this operation, the rule of cross-shareholdings between listed companies is triggered. The limit, according to the Draghi law, is precisely 3% of voting rights: so now if Intesa Sanpaolo bought Generali shares, its relative voting rights would be sterilized.
The Trieste company is these days at the center of speculation and rumors, which see it as a target for potential acquisitions by foreign giants including the French Axa or the German Allianz, or by Italian groups such as the Intesa Sanpaolo bank, which would set its sights on Generali and it would be bridges to take over part of the group's assets. But for now the takeover, at least the possible one by Intesa, has been averted.
The Generali stock has lived a day as an absolute protagonist on the Stock Exchange gaining 3,94%, after reaching an increase of up to 8%. Over 35 million shares were traded during the session, equal to 2,2% of the capital.
