Shares in Generali surged Jan. 23 after reports that Intesa Sanpaolo SpA and Allianz Group could be interested in putting together an offer for the Italian insurer.
Without citing sources, Italy's La Stampa reported Jan. 22 and 23 that a deal could see Allianz buy some of Generali's assets, with Intesa putting in €5 billion to €6 billion to protect Italian interests, Reuters reported Jan. 23.
Allianz was reported in December 2016 to be in talks over a bid for Generali's French operations, while rumors of a tie-up between AXA, France's largest insurer, and Generali were shot down in September 2016. Interest from AXA was cited by La Stampa as a reason that Allianz opted not to pursue a possible bid for Allianz during summer 2016, Reuters noted.
Generali shares were up more than 5.5% at €14.47 as of just before 2:30 p.m. Milan time Jan. 23, making them the biggest gainer in the benchmark FTSE MIB Italian index. Intesa was down more than 2.4% at €2.41, while Allianz was down less than 1%.
In addition, the Italian insurer's board is expected to meet in the coming days to name a replacement for CFO Alberto Minali, Bloomberg News wrote Jan. 22, citing Il Sole 24 Ore.