Unicredit on the field for Generali, buy 4% of the shares

Unicredit surprised the markets with the acquisition of about the 4% of the general insurance giant. According to the AD Unicredit, Andrea Orcel, the purchase would be exclusively linked to “financial reasons”, considered the recent rise in the Title Generali, which has exceeded 30 euros per action, the highest level since 2007.

Unicredit this afternoon, in a press release He clarified that he held a participation of about 4.1% in the share capital of Generali, acquired over time on the market. And that “the share is a pure financial investment of the bank that significantly exceeds its performance metrics and has a negligible impact on CET1. An additional share of about 0.6% is held as below the ordinary activity for customers and related covers “.

The Bank led by Orcel also stressed that it “have no strategic interest in Generali” and to want to remain “fully focused on the execution of the UniCredit Unlocked plan, on the exchange offer in progress on Banco BPM e on the investment in Commerzbank “.

The operation, anticipated last night by the Sole 24 Ore, also feeds speculations on the dynamics of power in view of the shareholders’ meeting of the lion’s lion of 8 May: it could influence the influence could influence the reconfirmation ofPHILIPPE Chief CEO For a fourth term.

The Assembly of Generali could see a battle between Mediobanca, who supports Child, and two other investors who have tried without success to undermine it in May 2022. These weight shareholders such as Francesco Gaetano Caltagirone and Delfin, Leonardo Del Vecchio’s holding could try to propose a new candidate for the leadership of the group. It will be seen. The timing of the operation, however, raises questions, given the bank risk in progress.

In November Mps launched Oops on Mediobanca, Generali’s main shareholder with 13.1%. Meanwhile, Unicredit remains engaged on several fronts: its public exchange offer for Banco BPM and the aims on Commerzbank. The acquisition of Banco Bpm, assessed 10.1 billion euros, He met the resistance of the bank itself and the Meloni government. Also in Germany, Unicredit does not have the path flattened: the German government expressed strong perplexities after the blitz with which the bank led by Orcel rose to 28% of Commerzbank. The move was defined by “inappropriate” and “unrivaled” Berlin.