The stock takes off on the Stock Exchange Generali, which gained 4,8% one hour after the opening, at 14,37 euros per share, posting the best increase in the Ftse Mib. The wave of purchases was triggered by some rumors released on Sunday by the newspaper La Stampa.
According to the Turin newspaper, in addition to the French competitor Axa – who has been looking to Trieste for months for possible integration – now too Intesa Sanpaolo (-2,2% this morning in Piazza Affari) and the German Allianz they would be evaluating the possibility of an operation on Generali. The Italian Bank and the Munich group declined to comment on the matter.
Some market hypotheses speak of a possible direct intervention by Allianz, with Intesa at its side to guarantee the Italian character of the operation. However, some obvious ones remain to be overcome antitrust issues, considering that Generali is the first insurance group in Italy and Allianz the third.
Another hypothesised scenario envisages a more significant intervention by Intesa Sanpaolo, with Allianz interested only in some foreign branches of the Trieste company. According to the CEO of Unicredit Mustier, Generali should remain Italian. Which is equivalent to entrusting a Mediobanca the task of supervising the independence of the Lion, which has 500 billion in assets, including 70 billion in Italian government bonds. Piazzetta Cuccia (+1,8% today on the Stock Exchange) has 13% of Generali, but would aim to reduce the stake to 10%.
After all, even an intervention by Intesa could protect the Italian character of the insurance group, today put at risk by the fragmentation of a shareholding structure in which the large Italian shareholders do not exceed 25%.
"Generali is concentrated on the implementation of the industrial plan - they comment from Trieste - and there are no contacts with anyone".
Meanwhile, other unconfirmed rumors speak of an imminent farewell to Generali Alberto Minali, current general manager and chief financial officer of the group.
