UniCredit Acquires Minority Stake in Assicurazioni Generali
UniCredit SpA has acquired a minority equity stake in Assicurazioni Generali SpA, increasing the pace of dealmaking in the Italian financial sector.
Key Points:
* UniCredit disclosed a stake of around 4.1% in Italy's largest insurer.
* The holding is considered a "pure financial investment" and does not indicate a strategic interest in Generali.
* UniCredit's focus remains on its bid for Banco BPM SpA, investment in Commerzbank AG, and execution of its business plan.
* Generali's main investors include Mediobanca SpA, Francesco Gaetano Caltagirone, and the Del Vecchio family.
* The stake acquisition has a negligible impact on UniCredit's CET1 capital ratio.
Based on Friday's market closing price, the 4.1% stake in Generali is valued at approximately €1.97 billion. UniCredit also holds an additional 0.6% of Generali stock through ordinary services for clients and related hedging.