Intesa Sanpaolo Won't Make Takeover Bid for Assicurazioni Generali
February 24 2017 - 4:14PM
Dow Jones News
By Deborah Ball
Intesa Sanpaolo SpA, Italy's second-largest bank, said Friday
evening that it has decided against launching a takeover bif for
insurer Assicurazioni Generali SpA.
In a statement, the bank said it had determined that such a
tie-up wouldn't enhance Intesa's growth prospects. Intesa had been
considering a combination with Generali as part of a strategy to
grow in insurance, asset management and private banking.
However, the insurer, which is Italy's largest and one of the
biggest insurance companies in Europe, had made clear that any
approach by Intesa would be hostile.
Moreover, many analysts and some executives in Italy's financial
sector raised doubts as to whether Intesa would see sufficient
synergies to justify a hostile takeover, particularly since tie-ups
between insurance and banking groups have often seen poor returns
in recent years.
(END) Dow Jones Newswires
February 24, 2017 16:59 ET (21:59 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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