Generali in the spotlight following UniCredit’s exchange offer to Delfin

(Il Sole 24 Ore Radiocor) - Generali is in the market spotlight on the Milan Stock Exchange, where the ‘Leone’ shares are posting one of the best performances on the FTSE MIB . Keeping the spotlight on the company are the new rumours regarding possible changes to the shareholding structure.

Following the launch of Intesa Sanpaolo’s takeover bid for Banca Monte Paschi Siena , which would bring Ca’ de Sass a 13.2% stake in Generali controlled by Mediobanca, according to a report in *Il Sole 24 Ore* Unicredit is said to have proposed to Delfin that it exchange its 10% stake in the Trieste-based company for shares in Piazza Gae Aulenti. The swap offer would see UniCredit hold around 19.2% of Generali, whilst the Del Vecchio family’s holding company would become the largest shareholder in the bank led by CEO Andrea Orcel, acquiring around 5% and thus increasing its stake to 8%. ‘However,’ the newspaper writes, ‘initial internal assessments by the Luxembourg-based holding company rejected the proposal for two specific reasons: firstly, because UniCredit shares are currently trading at record highs and therefore any share swap would be unfavourable; secondly, because at this stage, liquidity would be the preferable option for Delfin.”

It is therefore unclear “whether the discussions have broken down or are merely on hold pending changes to the terms of the offer in question”. UniCredit has, in any case, not yet submitted a request to IVASS to increase its stake in Generali beyond 10 per cent. “Any increase in UniCredit’s stake could be interpreted as a move to safeguard any industrial agreements, particularly if, following the outcome of the bid for MPS, Intesa Sanpaolo were to become a shareholder with a 13.2 per cent stake in the company”, comment analysts at Equita. In recent weeks, UniCredit has in fact begun talks with Generali to strengthen their existing commercial partnership.