Generali unwinds defence against Intesa Sanpaolo takeover

Italy’s major insurer Assicurazioni Generali said that it has sold 510 million of ordinary shares of Intesa Sanpaolo, equal to 3.04 percent of its overall share capital, which it had bought in January to fend off a possible hostile takeover from the retail bank.

Generali has also terminated the collateralized derivative transaction, which it entered on Feb. 17, 2017 in order to fully hedge the economic risk related to these shares.

Back in January, Italian bank Intesa San Paolo had confirmed that it was considering the acquisition of Assicurazioni Generali.

As a result, Generali in February acquired 510 million of ordinary shares of Italian bank Intesa Sanpaolo, equal to 3.04 percent of its overall share capital to block a potential takeover move.

Intesa San Paolo has, however, abandoned the takeover plan.

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