(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.
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