UniCredit: extraordinary board meeting today, with a possible focus on Banca Generali (Il Sole 24 Ore)
(Il Sole 24 Ore Radiocor) - UniCredit has convened an extraordinary board meeting for today. This is reported by Il Sole 24 Ore. “The meeting comes as the giant led by Andrea Orcel is engaged in the final stages of its takeover of Commerzbank, but also whilst Intesa Sanpaolo’s public takeover bid for MPS has made inroads amongst the major shareholders of the Tuscan bank, shifting the balance of power regarding the subsidiary Generali, in which UniCredit is one of the major shareholders with a 9 per cent stake”, the article states. “Orcel’s interest in distribution networks within the private banking sector, such as Banca Generali, may have fuelled the banker’s attention, given recent speculation that Generali is interested in acquiring minority stakes in the subsidiary led by Gian Maria Mossa.” Today we will see what, if any, response comes from UniCredit’s board of directors. Meanwhile, on the German front, the Berlin government reiterated yesterday that Commerzbank must continue to ‘finance’ German SMEs, that its ‘head office’ must remain in Frankfurt and that the ‘interests of the bank’s employees’ must be ‘taken seriously’.
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