Government officials in Italy have reportedly expressed opposition to any potential foreign takeover of Generali, the country’s largest insurer.
Reuters reported that Italian senators have urged their government to keep Generali Italian as rumours continue to swirl that the insurer is being targeted by major companies including local banking giant Intesa Sanpaolo, Germany’s
Allianz and France’s
AXA.
The report said more than 100 Italian senators have tabled a question in parliament asking the government about its plans for protecting Generali from foreign takeover.
Francesco Russo, one of the senators, said that the parliamentary question had been presented to Pier Carlo Padoan, Italy’s economic minister.
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Earlier this week, Intesa Sanpaolo confirmed that it was examining potential “industrial combinations” with Generali.
Reuters then reported that Italy’s market watchdog was planning to summon top executives from the two companies.
In a new report, the news agency cited a ministry source who claimed that the government cannot take a stance on the supposed talks between Generali and Intesa. Padoan also declined to make a comment and only said “it is a market operation.”
Meanwhile, AXA CEO Thomas Buberl told a German news agency that it was not interested in acquiring Generali,
Reuters reported.
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