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Assicurazioni Generali's CEO Philippe Donnet has indicated potential collaboration with UniCredit in various sectors, following discussions with his counterpart. Current partnerships exist in Eastern Europe, but opportunities may expand beyond insurance. UniCredit holds a 4.1% stake in Generali as a financial investment.
Generali's CEO, Philippe Donnet, indicated potential for expanding partnerships with UniCredit beyond their current insurance collaborations in Eastern Europe. Following UniCredit's increased stake in Generali, Donnet mentioned discussions with CEO Andrea Orcel and emphasized a disciplined approach to future M&A opportunities aligned with the company's priorities.
UniCredit is set to launch a €14 billion tender offer for Banco BPM on April 28, amid increased competition from Credit Agricole, which has raised its stake in BPM to 19.8%. The offer, cleared by Consob, will run until June 23, as UniCredit's CEO seeks talks with BPM investors while navigating regulatory requirements. Meanwhile, Credit Agricole aims to maintain its commercial interests in Italy, complicating UniCredit's bid strategy.
Credit Agricole has increased its stake in Banco BPM, complicating UniCredit's upcoming €14 billion tender offer set for April 28. UniCredit's bid, cleared by Consob, will run until June 23, while Credit Agricole aims to maintain its commercial interests in Italy amid ongoing M&A activity in the banking sector. UniCredit's CEO, Andrea Orcel, has invited BPM investors to discussions, emphasizing the need for equal treatment of shareholders.
UniCredit's CEO Andrea Orcel stated that the bank will only pursue a buyout of Banco BPM if the terms are favorable, emphasizing the importance of a sensible deal. He confirmed guidance for a 2025 net profit matching last year's record and highlighted the bank's strong performance since 2021, having returned €26 billion to investors. Recent developments have negatively impacted Banco BPM's share price, as the European Central Bank expressed concerns over its acquisition of Anima Holding, affecting investor expectations for a higher premium.
European asset managers are facing consolidation pressures, with Amundi reportedly in talks to acquire Allianz Global Investors from Allianz Group. Various transaction structures are being considered, including a full takeover or a joint venture. This comes amid rising costs and fee pressures, prompting firms like BNP Paribas and Generali to explore similar mergers.
Cost pressures and competition are driving consolidation in the European asset management sector, with Amundi reportedly interested in acquiring Allianz Global Investors (AGI). Discussions have included options for a full acquisition or a joint venture, as both firms explore strategies to enhance scale amid rising costs. Meanwhile, other potential mergers are being considered in the industry, highlighting the trend towards consolidation.
UBS is in the process of acquiring full ownership of its securities joint venture in China, currently held at 67% after its partner, Beijing State-owned Assets Management, decided to auction its 33% stake. This move follows UBS's strategic exit from the securities business of Credit Suisse in China, where it sold a significant portion of its stake in CS Securities.
Assicurazioni Generali SpA is exploring a potential asset management partnership with Natixis Investment Managers. Preliminary discussions have taken place regarding the combination of their asset management operations, according to sources familiar with the matter.
Assicurazioni Generali SpA is exploring a potential acquisition of New York-based credit investment firm MGG Investment Group as part of its strategy to expand in the private asset sector. Early discussions have taken place, with a possible valuation in the hundreds of millions of dollars. Generali aims to finalize an agreement before its investor day on January 30.
Banca Generali S.p.A.
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