Generali has confirmed the initiation of its review process regarding the public exchange offer (OPS) launched by Mediobanca for its subsidiary Banca Generali, as well as the possibility of a partnership in the wealth management sector.
In an official statement, Generali explained that the analysis of the exchange offer aims to "thoroughly examine the proposal put forward by Mediobanca, in full compliance with the group's related-party transaction procedures."
Specifically, the Trieste-based group will assess "all commercial, economic, and value implications of the offer, which could lead to a partnership with a leader in the Wealth Management sector."
Mediobanca, which is itself seeking to fend off a hostile bid from MPS, is aiming to acquire Banca Generali--of which Generali holds a 50.2% stake--offering in exchange its own 13% shareholding in the insurance company.
Generali has appointed Deloitte as its financial advisor and Alberto Toffoletto, together with the Advant Ntcm law firm team, as legal advisors for the offer.
Mediobanca, currently subject to the passivity rule due to the OPS launched by Siena, has called a shareholders' meeting to vote on the offer for Banca Generali on June 16.
(Reporting by Andrea Mandalà, editing by Antonella Cinelli)
