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Tag: Abandoning

Mediobanca Weighed Banca Generali Bid Before Abandoning Plan

September 30, 2020
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(Bloomberg) — Italy’s Mediobanca SpA approached Assicurazioni Generali SpA about acquiring the insurer’s private banking and wealth management unit before ultimately abandoning the plan, people familiar with the matter said.

The Milan-based investment bank decided that conditions were unfavorable for a bid on Banca Generali SpA, a listed unit of the Italian insurer that has a market value of 3.2 billion euros ($3.8 billion), said the people, asking not to be named as the talks remain private.

Representatives for Generali and Mediobanca declined to comment.



a man wearing a suit and tie: Mediobanca SpA CEO Alberto Nagel Strategy Update News Conference


© Bloomberg
Mediobanca SpA CEO Alberto Nagel Strategy Update News Conference

Alberto Nagel

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Photographer: Camilla Cerea/Bloomberg

Mediobanca Chief Executive Officer Alberto Nagel looked at a range of options to pay for the deal, including partially using shares the bank owns in Generali, according to the people. Mediobanca holds about 13% of Trieste, Italy-based Generali.

Nagel, who over the last two years has been

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