Intesa buys 3% of Generali

As part of the bid for Mps, Intesa's board of directors "approved the purchase of a 3.01% stake in the share capital of Assicurazioni Generali and the signing of a hedging derivative contract with a primary financial counterparty with the same stake as its underlying". The transaction, the bank explained, 'is of a purely financial nature, has a temporary duration and is in any case functional to ensure that the bidder can maintain, following the successful outcome of the offer, the accounting treatment currently reserved for Mediobanca's shareholding in Assicurazioni Generali according to the equity method'.

It should be remembered that Mps through Mediobanca already holds 13% of the Leone di Trieste