The last time Italian insurer Assicurazioni Generali was rumoured to be in play, the supposed bidder, France’s Axa, said such a costly and complex deal would “make no sense at all.”
This time, the interest comes from an even bigger insurer: Allianz, possibly in conjunction with Intesa Sanpaolo, according to La Stampa. The report was enough to send Generali shares up as much as 7 percent on Monday, even though it’s not clear what type of deal of Allianz might want.
A deal would make sense in terms of timing and restructuring appeal — but there are enough antitrust and political risks ahead to keep those animal spirits in check.
Full Content: Bloomberg
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