Generali: UniCredit takes 4.1% stake in its capital

(CercleFinance.com) - UniCredit announced on Sunday that it holds a stake of around 4.
1% in the capital of Italian insurer Generali, acquired through recent purchases of shares on the market.

In a press release, the transalpine banking giant refers to a "pure financial investment" with only a "negligible" impact on its common equity tier one (CET1) ratio.

The group says it holds an additional stake of around 0.6% in Generali on behalf of its clients and in the form of hedging instruments.

UniCredit says it has no strategic interest in Generali, and intends instead to focus on the public offer for Banco BPM and its investment in German bank Commerzbank.

Listed on the Milan Stock Exchange, UniCredit shares were down 1.2% on Monday morning following these announcements, while Generali shares were up 0.8%, posting one of the best performances on the STOXX Europe 600 index.

This investment is part of the chess game currently being played in Italy around the recomposition of the financial landscape, analysts at Allinvest Securities said this morning.

UniCredit is looking to acquire Banco BPM, while Generali would like to merge its asset management activities with those of BPCE, and Montepaschi would like to take over Mediobanca, the broker says.


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