NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Italy's Generali buys 3 percent of Intesa in defensive move

Published 23/01/2017, 18:24
© Reuters. Headquarters of Italy's biggest insurer Assicurazioni Generali is seen in central Rome
GASI
-
ALVG
-
ISP
-
MDBI
-

MILAN (Reuters) - Italy's biggest insurer Assicurazioni Generali (MI:GASI) said on Monday it had bought voting rights equal to 3.01 percent of Intesa Sanpaolo's (MI:ISP) share capital, effectively blocking the lender from acquiring a large stake in itself.

According to Italy's cross-shareholding regulations, a company cannot hold more than 3 percent of another entity's voting rights if the latter already has a stake of more than 3 percent in the former one.

Generali's biggest shareholder is Intesa's domestic rival investment bank Mediobanca (MI:MDBI).

© Reuters. Headquarters of Italy's biggest insurer Assicurazioni Generali is seen in central Rome

The move comes after La Stampa daily reported over the weekend that Intesa was studying a possible investment in Generali which could be part of an accord with Germany's Allianz (DE:ALVG).

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.