IVASS gives Intesa Sanpaolo the go-ahead for its takeover bid for MPS
Insurance Supervisory Authority gives the green light to the joint ventures involving Axa and Generali
IVASS gives Intesa Sanpaolo the go-ahead for its public takeover bid for MPS. Ca’ de Sass has, in fact, obtained preliminary approval for the acquisition of indirect qualifying holdings in Assicurazioni Generali, AXA MPS Assicurazioni Vita and AXA MPS Assicurazioni Danni – stakes that would fall within the scope of the Milan-based group should the bid for Monte dei Paschi be successful. The bank announced this in a statement.
The first go-ahead from Opas Intesa
This authorisation is, formally speaking, the first step in a process involving, amongst others, the ECB, the Bank of Italy, Consob, the Competition Authority and the Government with regard to the ‘Golden Power’. It is particularly significant in relation to Generali, one of the most sensitive aspects of the entire operation. By acquiring MPS – and, by extension, Mediobanca – Ca’ de Sass would in fact come to indirectly hold the 13.3 per cent stake held by Piazzetta Cuccia in Generali. In this sense, the green light from the insurance regulator therefore represents an important step in the roadmap for the public takeover bid for Generali.
The Competition Authority in parallel
All this, moreover, comes in the wake of the Antitrust Authority launching its preliminary investigation. The Competition Authority has just initiated the process of examining the transaction proposed by Intesa in greater detail. This is an investigation that is taking place ‘as is standard practice and as expected’, the bank emphasises. The aim of the authority, led by Saverio Valentino, is to analyse the potential effects on competition of a possible merger across a range of banking markets, particularly in the areas of deposit-taking, asset management and insurance. Among the issues under scrutiny are precisely the competitive effects of the future links between Intesa and Generali. One clear point is that the Authority has ruled out the possibility that Ca’ de Sass could exercise de facto control over Generali, as it would not be able to appoint a majority of Generali’s board. At the same time, the AGCM wishes to prevent any issues arising in terms of competition between the two groups, both of which operate in the insurance sector, and highlights the ‘risks associated with the exchange of sensitive information’. Both Intesa and MPS will have ten days to decide whether to make their case. Any remedial measures will then be determined.
