Generali: reassures on the tax aspects of the project with BPCE

(CercleFinance.com) - Generali said on Tuesday that its planned merger with France's BPCE in asset management would not result in it paying less tax in Italy.


In a statement issued this morning, the insurance group acknowledges that the operation has received a great deal of attention from the press and the market, not least because of the decision to locate the future entity's headquarters in Amsterdam (Netherlands).

Generali nevertheless justifies this choice by the need to opt for a 'neutral' location for a company formed by partners from two different countries.

'From a tax point of view, there will be no transfer of value outside Italy', the insurer assures.

According to Generali, it is even 'plausible' that the Italian tax burden will increase after the transaction due to the increase in dividends resulting from the value creation linked to the formation of the new company.

In fact, the Group estimates that the merger with Natixis IM, BPCE's asset management subsidiary, will create over €1 billion in value, including €210 million in synergies.

With regard to governance, the Board of Directors of the new entity will be made up of six representatives of Generali Investments and six representatives of Natixis IM, three independent directors and the company's CEO.

Formalized on January 21, the planned merger between Generali Investments Holding and Natixis Investment Managers (Natixis IM) will create Europe's second-largest asset management company, with €1,900 billion in assets under management.

Each partner will hold 50% of the joint venture's capital.

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