13 Hrs
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الاقتصادية
Generali sees growth potential in Monte dei Paschi offer
The Italian insurance company "Generali" has confirmed that the "Monte dei Paschi di Siena" offer to acquire the asset management firm "Banca Generali" presents growth opportunities as they begin to evaluate the proposals received. The "Monte dei Paschi" stock exchange offer values the company at 34 billion euros (approximately $40 billion), aiming to acquire "Banca Generali" along with its rival bank "Banco BPM" — in the context of facing hostile takeover attempts by "Intesa Sanpaolo." "Generali" owns 50.1% of "Banca Generali" and is conducting a comprehensive assessment of the offer. Meanwhile, the boards of "Banca Generali" and "Banco BPM" have maintained neutral positions regarding the bids thus far. If "Intesa Sanpaolo" takes control of "Intesa," a direct competition in the life insurance market will emerge, especially since "Crédit Agricole" owns less than 30% of "Banco BPM" and has thus far refused to comment on the "Monte dei Paschi" proposal.
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